New Hidroenergetica company might issue bonds worth some millions euros in spring 2011

The new Hidroenergetica energy corporation might issue bonds worth some millions of euros in the spring of 2011, Hidreoelectrica Director General Mihai David told an energy conference on Thursday in Bucharest.

David, who will take over the management of Hidroenergetica, said that there is a strategy for these bonds that will be unveiled soon and which the Government will present in an as attractive manner as possible for the investors.
The company should become a player on the financial markets of Romania, the regional and even the international ones, and that is why Hidroenergetica will be simultaneously listed with the Bucharest Stock Exchange (BVB) and other international exchanges.

Hidroenergetica takes over through merger certain branches of the Termoelectrica SA Electricity and Heat Generation Corporation – the Electrocentrale Deva SA electrical plant and the Bucharest SA Electrical plant; some branches of the Hidroelectrica water power corporation – the Hidroserv Bistrita SA service provider; the Hidroserv Slatina SA service provider; the Hidroserv Iron Gates SA service provider, the Curtea de Arges SA service provider, the Hidroserv Sebes SA, the Hidroserv Hateg SA and the Hidroserv Cluj SA providers. All these branches will be wound up without liquidation.

Hidroenergetica will also take over the assets of the Electrocentrale Paroseni and Termosev Paroseni SA branches of the Termoelectrica SA heat generation and distribution corporation after the branches split from the corporation to form two new companies that will merge into Hidroenergetica.

The assets of the National Pit Coal Corporation Petrosani will also be taken over in full or in part under a project to restructure, boost efficiency and develop mines that will be drawn up by the executive management and administrators of the company and submitted to the Ministry of Economy, Commerce and Business Milieu for approval. The Hidroenergetica National Corporation will deal mainly with electricity generation and supply, heat generation, transmission and supply and pit coal mining.

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