Impact’s shareholders have approved the bond issue in their general meeting, on Tuesday, June 2. The company will issue bonds with a maturity of minimum 5 years and a fixed interest rate of between 5.5% and 7%.
The shareholders also approved new developments to be started, including an urban center in the Greenfield residential project, in Northern Bucharest, and the first phase of the Barbu Vacarescu residential project. The company also plans to repay some of its bank loans.
The Greenfield Plaza urban center will include a spa center and a pool, a supermarket, a service area and an administrative center, all spanning over 10,400 sqm. Impact will also further develop the infrastructure and utilities for the Greenfield project and work on planning its next stages.
Impact is currently working on the second phase of this project, which includes nine blocks with a total of 252 apartments. The company recently borrowed some EUR 5.7 million from Banca Transilvania to finance the work.
The residential project on Barbu Vacarescu Boulevard in Bucharest, which Impact plans to start next, will include 1,000 apartments close to Bucharest’s top office district.
With these new developments, Impact plans to increase its turnover to EUR 37 million this year, which is four times more than in 2014, and to reach EUR 100 million in 2019, when the Barbu Vacarescu project reaches maturity, according to recent reports.
Romanian businessman Gheorghe Iaciu controls 49% of the company. Local investor Adrian Andrici holds a 16.3% stake. BlueMountain Capital Management, a global alternatives asset manager headquartered in New York, is the company’s biggest institutional investor, with a 5.25% stake.
Impact’s shares are trading on the Bucharest Stock Exchange. The company’s capitalization currently exceeds EUR 85 million. (source: Romania-insider.com)