Alro to approve an USD 180 mn loan with EBRD
Raiffeisen Capital&Investment - 21 Iunie 2010
The aluminium producer Alro (ALR) has called a GSM to be held on 20(21) July 2010. Among other issues, shareholders are asked to approve an USD 180 mn loan with EBRD with a tenor between 3 and 5 years.
According to local media, EBRD has already approved the facility. Thus cc. USD 75 mn will be provided by EBRD with the balance to be syndicated to a group of commercial banks. The loan will be mainly used for refinancing of existing debt. According to Alro, the new loan agreement with EBRD will allow the company to pursue its long-term investment program that aims at increasing the share of high value-added products as well as reduce the energy consumption. We view the news as positive since it should ease the lower interest expenses as well as ensure the implementation of company's investment program.
Sursa: http://www.rciro.ro
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