Derpan S.A., a Romanian company specialized in the production and sale of croissants and part of the Golden Foods Snacks group, is listing on Wednesday, August 26, on the Multilateral Trading System (SMT) of the Bucharest Stock Exchange (BVB), its first issue of senior, secured, non-convertible corporate bonds, denominated in euros, with a total value of EUR 2 million.
Key features of the DPAN30E bond issue:
Volume: 20,000 bonds with a nominal value of 100 euros each
Interest rate: Fixed, 11% per year, paid semi-annually
Maturity date: August 26, 2030
Type: Senior, secured, non-convertible corporate bonds, denominated in euros, freely transferable, and fully paid-up
Subscription: During the private placement conducted between August 6 and August 20, 2025, 50 institutional investors subscribed
Use of proceeds: The funds will be used to finance the company's development strategy, specifically to secure the working capital needed to increase production capacity utilization.
"Raising capital through the Exchange's Multilateral Trading System serves as a launching pad for companies aiming to become leaders in their industry. Beyond the capital raised, a presence on the SMT is an essential exercise in transparency and corporate governance. We are delighted to see a local company with international reach, such as Derpan, accessing capital market mechanisms to finance its development. Today's step underscores once again the Exchange's role in supporting the real economy, and we hope to see more companies from the food industry and other sectors following their lead. Congratulations and much success to the Derpan team in achieving all their objectives!" stated Remus Vulpescu, CEO of BVB.
"DERPAN S.A. successfully closes its first bond issue and marks a new milestone in its relationship with Romanian investors by listing these new bonds on the Bucharest Stock Exchange. This is the fourth bond issue carried out by the Golden Foods Group on the Bucharest Stock Exchange, and our experience shows the importance of a solid, transparent, and long-lasting relationship with investors and the capital market. We are pleased by the trust investors have placed in our company and in the growth path we have set for the coming years.
The successful completion of this issue - amid an economic context marked by uncertainty - also demonstrates the vital role the capital market can play in supporting companies with solid projects and growth prospects. We aim to grow this business through steady expansion, launch new products, and enhance our production capacity, while maintaining a continuous and long-term relationship with our investors. In the coming period, we will continue to explore opportunities offered by new capital market projects as part of our long-term consolidation and growth strategy. We thank our investors, Goldring, and our partners at the Bucharest Stock Exchange for their trust and support," stated Sorin Petre, Finance Manager at Derpan.
The admission to trading for this bond issue was intermediated by Goldring, acting as the Authorized Consultant.
"The listing of Derpan S.A.'s bonds on the Bucharest Stock Exchange represents the natural continuation of a capital market financing process that we had the pleasure of structuring and intermediating. The interest shown by investors during the private placement confirms that there is an appetite for Romanian companies with clear development and expansion plans. Derpan is in a growth stage where the raised capital will support a more efficient utilization of production capacities and commercial development. For Goldring, it is important to contribute to connecting entrepreneurial companies with investors and to turn the capital market into a recurring source of financing for the Romanian economy. The admission to trading adds transparency, visibility, and access to a secondary market for investors to this financing," stated Virgil Zahan, CEO of Goldring.
Founded in 2001, Derpan is a croissant producer with extensive experience in the domestic pastry products market. Since 2022, Derpan has been part of Golden Foods Snacks SA, one of the main players in the FMCG market. The company operates under the Elmas brand, with a strong presence in modern and traditional retail, and owns two other proprietary brands: Patisserie and Delly. Derpan generated RON 125.6 million in sales revenue in 2025, up 27.62% compared to 2024.
Previously, Golden Foods Snacks, the company's main shareholder, listed three bond issues on BVB's Multilateral Trading System with a total value of RON 14.4 million, which reached maturity in 2022, 2023, and 2025.
About Derpan
DERPAN S.A. is one of the leading producers of packaged croissants in Romania, marketed under the Elmas brand, and is part of the Golden Foods Snacks S.A. group. With two production facilities in Smârdan and Filipe?tii de Padure, over 450 employees, and an international presence in more than 25 countries, DERPAN has consolidated its position in the local market and steadily expanded its activity in foreign markets. The company manufactures exclusively in Romania and operates a diversified business model based on two main lines: proprietary products under the Elmas brand and Private Label production for strategic retail partners, both in Romania and internationally.
Leveraging its production capacity and accumulated know-how, DERPAN develops tailored solutions to meet client demands, ranging from recipes and product formats to packaging and brand specifications. Continuous investments in manufacturing capacity, technology, and portfolio expansion support the company's growth and international expansion. DERPAN's operations are backed by international food safety and quality standards, including IFS Food and ISO 22000:2018, underscoring the company's commitment to quality and long-term relationships with partners and consumers.
About Bucharest Stock Exchange
BVB is the only securities market operator in Romania. On the two markets it manages - the Regulated Market and the Multilateral Trading System - a wide range of financial instruments are listed, such as stocks, bonds, fund units, ETFs, certificates, structured products, and preferential rights. In July 2026, the BET index, the main benchmark of the Bucharest Stock Exchange, surpassed the 35,000-point threshold, with the BET index currently showing a 47% growth since the beginning of the year.
In 2020, the Romanian capital market was recognized through its promotion to Emerging Market status by the global index provider FTSE Russell. Currently, 13 Romanian companies are included in FTSE Russell indices dedicated to emerging markets. In 2025, MSCI recognized the local capital market as an Advanced Frontier Market, marking a milestone on the path toward Romania obtaining Emerging Market status from MSCI. A total of 35 Romanian companies are included in MSCI indices. More information is available at https://www.bvb.ro.