Arco Vara AS issued 12 month commercial papers in nominal value of 66,5 mln kroons (4,25 mln euros) with interest of 12,0% per annum. The funds are used to refinance existing commercial papers and to finance investments in Ukraine. 1 EUR=15,6466 EEK Heigo Metsoja IRO +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com