Autonom on Tuesday listed its third bond issue worth EUR 30 million, and the private placement that took place in November 2024 was exclusively targeted at institutional and professional investors, informs Agerpres.
"This is our third successful issuance and listing of bonds for now. But the company is developing and looking at all the instruments on the capital market. I think it can be considered as a story of luck and inspiration. Timing was very important for us, at least from two external dimensions. On the one hand, there is the market context, the investors' interest in the product, in the company, an acceptable return for all parties. You can't make a successful show without meeting supply and demand at the right time and without being useful to the company. And at the same time, it is a good timing because, if we think about the three shows, every time after one show there was a volatile evolution in the economy. The first was at the end of 2019, when we raised EUR 20 million and shortly after came a fairly strong economic shock in the industries in which we operate, it was Covid. The 2nd was I think in November 2021, basically, the last week in which there were still low interest rates, in which they started to rise and increased very strongly," said Dan Stefan, at the listing ceremony of the Autonom bond issue.
He added that back then the company attracted EUR 48 million, and the "most expensive financing" became the cheapest over time.
"The 3rd was also interesting. We closed on the Friday before the elections and as our partners who deal and operate in the financial industry told us, it was an impeccable timing for us and for the others who closed that week, because it seems that even today the climate is much more, let's say, more cautious, circumspect even in certain areas. Business has resumed and we are going about business, but in the financial area, where money can be so scary and it has not yet returned," Dan Stefan said.
Autonom Services SA, the largest independent Romanian company in the moblity solutions market, listed on Tuesday a new bond issue at the Bucharest Stock Exchange (BVB). The non-convertible, non-guaranteed, registered bonds, worth EUR 30 million, are traded on the Main Market under the stock ticker AUT29E.
The bonds are related to sustainability objectives and are part of the strategy developed by Autonom in 2021, when the first Sustainability-Linked bonds were listed. Autonom listed other two bond issues until now. To date, Autonom has had two other bond listings on BVB: in 2021, it listed bonds worth over EUR 48 million, making it the largest bond issuance by a Romanian entrepreneurial company on the local capital market, with the stock ticker AUT26E, maturing on November 23, 2026. In 2019, the company held its first bond listing, with the symbol AUT24E, which matured last year.
"It is both a pleasure and a success to see the Romanian company Autonom return to the Bucharest Stock Exchange with its third bond issuance. With each new listing, the capital market proves its ability to support local entrepreneurial companies in achieving their growth and expansion goals. Autonom stood out in 2021 with the issuance of Sustainability-Linked bonds, being the first listed company on the stock exchange to open this path. We expect a promising trajectory and the successful achievement of the objectives for the current bond issuance," said Adrian Tanase, CEO of the Bucharest Stock Exchange.
The bonds, of a nominal value of EUR 1,000 and a fixed annual interest rate of 6.14%, are traded starting today on the Regulated Market of the Bucharest Stock Exchange and will mature on November 26, 2029. The private placement, which took place in November 2024, was exclusively targeted at institutional and professional investors.
"Autonom's focus on sustainability is reinforced by the new bond issuance, which supports the strategy launched in 2021 and updated last year. I admire the positive impact that Autonom, with consistency and professionalism, has on society. At the same time, it is a great satisfaction that the Bucharest Stock Exchange represents a reliable partner for Autonom in consolidating its position as a leading entrepreneurial business in Romania, and together, we support and develop the local economy every day," said Radu Hanga, president of BVB.
The new bond issuance is linked to the sustainability objectives set by Autonom, including a 30% reduction in the average carbon emissions of its vehicle fleet by 2028, and in the long term, a 55% reduction by 2030, according to the strategy published in 2021 and updated in 2024.
The bond listing was supported by BRD Groupe Societe Generale as the Sole Coordinator of the Program and Structuring Agent for the sustainability-linked bonds, and BT Capital Partners as Manager/Distribution Group. The law firm RTPR served as legal advisor for the transaction, and EY Romania was the financial auditor for the issuer.
Founded in 2006 in Piatra Neamt by entrepreneurs Marius and Dan ?tefan, Autonom is an integrated provider of mobility and financing solutions. Autonom operates a unique network of 52 agencies located in over 30 cities in Romania and Hungary. The group offers a diverse portfolio of services for both corporate and individual clients, including short and medium-term car rentals, operational leasing, chauffeur services, temporary fleet rentals, fleet management, roadside assistance, car washing, and equipment rentals. In all divisions, Autonom employs over 600 people and operates a fleet of over 16,000 vehicles.
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