The local Holding Varna A will issue bonds worth up to EUR 10m, it emerged after a general meeting of the company. The 10-year placement will be offered only to select investors. The managing board has licence to determine the definite parameters of the paper without prior authorisation. The debt will likely be broken up into several placements, starting off in 2007. A portion of the proceeds will be invested in the Kamchia tourist company where the holding controls an 87% stake. The bulk of the proceeds will be set aside for the acquisition of stakes in public companies based in the Varna area. The holding will also participate in the upcoming enlargement of the capital of special purpose vehicle Premier Fund where it holds a 10% stake.