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Latvenergo, Latvian Power Firm, Plans $89 Million Bond

Aug. 21 (Bloomberg) -- AS Latvenergo, Latvia’s state-owned electricity provider, plans to sell as much as 50 million lati ($89 million) in debt this year to spend on infrastructure.

The company plans to sell bonds in lati or euros, or both, by the end of the year and has hired SEB AB to organize the sale, Latvenergo said in a statement on its website. The state-owned company will publish financial reports on a quarterly basis, instead of annually, after the bonds are sold, according to the statement.

The Latvian company’s bond sale would be the biggest public corporate bond issue since the Baltic country regained independence in 1991, said Natalja Tocelovska, head of brokerage, fixed income and equity trading and capital markets at SEB’s Latvian unit, in an e-mail.

“Latvenergo will practically be the first non-financial company which will raise funds in the corporate bond market,” said Tocelovska in the e-mail. “Estonia’s energy businesses, which at the moment have issued bonds worth 575 million lati, have had a very successful experience,” she said, citing bonds sold by Eesti Eergia AS and Elering AS.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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