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Croatia to Borrow 260 Million Euros to Refinance 1991 Bond

Sept. 21 (Bloomberg) -- Croatia will borrow 260 million euros ($355 million) to refinance a maturing bond issued in 1991, officials said at a Cabinet meeting in Zagreb today. Croatia will repay the loan by 2016 with a fixed interest rate of 5.5 percent.

The original bond, issued in Yugoslav dinars before the introduction of the kuna in Croatia, is now worth 2.4 billion kuna ($437 million) in today’s Croatian currency.

The loan is facilitated in equal parts by Hypo Alpe-Adria-Bank d.d, a local unit of Austria’s Hypo Alpe-Adria-Bank International AG., and by Erste & Steiermarkische Bank d.d., a unit of Erste Group Bank AG.

The Croatian government will also supply 482 million kuna from the 2011 state budget to pay off the maturing bond.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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