Italian oil refiner Saras SpA (SRS.MI) said Friday it is issuing a EUR250 million five-year bond.

The bond will help lengthen the average maturity of Saras' existing debt, refinance debt coming due and for "general company purposes," Saras said.

The bonds are aimed at institutional investors and have a coupon yield of 5.583%, the company said in a statement.

Unicredit SpA (UCG.MI) and Intesa Sanpaolo SpA's (ISP.MI) Banca IMI unit are the joint bookrunners.

-By Christopher Emsden, Dow Jones Newswires; +39-06-6976-6921; chris.emsden@dowjones.com
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