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<td width="60%" valign="top"><strong><font face="Arial,helvetica" size="2"><br> |
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Zagreb, 4th December 1998</font></strong><p><font face="Arial,helvetica" size="2"><strong>PLIVA, |
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the largest pharmaceutical company from Central and Eastern Europe signs a USD 100 million |
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worth Euro-commercial paper program</strong> and gain access to the debt marketIn Vienna |
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on Friday 4 December, PLIVA signed a contract with six European banks which allows it to |
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issue Euro commercial papers up to USD 100 million on the Euro market.<br> |
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<br> |
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With this contract, PLIVA has become the first corporation from Central and Eastern Europe |
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with access to the Euro commercial securities market, which is reserved primarily for |
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financing the most prominent players.According to the conditions stipulated in the |
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programme, six banks will act as dealers for PLIVA, who can continually place short-term |
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notes on the Euro market. </font></p> |
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<p><font face="Arial,helvetica" size="2">PLIVA can issue notes denominated in one of the |
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major global currencies as well as in Croatian kuna.Joining Bank Austria Creditanstalt as |
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the Arranger in the deal are Dealers Warburg Dillon Read, West Merchant, West LB, as well |
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as the London branches of Deutsche Bank and Reiffeisen Zentralbank. The issuing and |
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payment agent is the London branch of Bankers Trust Company.</font></p> |
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<p><font face="Arial,helvetica" size="2">Commenting on the transaction, eljko Èoviæ, |
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President of the Management Board said: "PLIVA has entered the debt market with a |
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commercial paper programme, which is in line with our borrowing strategy for the |
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forthcoming period. With the ability to directly place Euro commercial papers on the |
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market, PLIVA has acquired an extremely flexible and favourable source of short-term |
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capital, and has for the first time acted as an issuer of debt securities. We expect the |
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first securities to be issued very soon, which speaks for itself about PLIVA's reputation |
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among investors, since it has secured access to the debt market at a moment when this is |
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difficult for many corporations from this region."</font></p> |
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