The bonds, denominated in EUR, are secured and have an annual interest rate of 11% with a 2030 maturity.

The funds will be used to increase the utilisation of new production facilities, raising the capacity from 67% in 2025 to an estimated 86% by 2029.

The offering ran from August 6 to August 20, and the bonds are set to be listed on the BVB. The bonds are secured by a first-ranking movable mortgage on the Elmas brands owned by Golden Foods Snacks and Derpan.

Derpan owns two factories with a capacity of over eleven million croissants per month and more than 400 employees. The company distributes products under its own Elmas brand as well as private labels, with a strong presence in both modern and traditional retail. It also has partnerships with major retailers and is actively distributing in Central and Western Europe.

Derpan is projected to achieve a turnover of RON 124.1 million (€24.94 million) this year, marking a 28% increase from 2024. Net profit is estimated to double to RON 1.82 million (€365,800), up from RON 0.91 million (€182,900) in the previous year.