Alro successfully concluded the negotiations for loan facility with a syndicate of banks
Fri, 12/02/2016 - 10:05
Slatina, 12 February 2016 – Alro SA (BSE: ALR, “The Company” or “Alro”), the largest aluminium producers in Central and Eastern Europe, successfully concluded the loan agreement with a syndicate of banks led by Raiffeisen Bank International and Raiffeisen Bank Romania amounting to USD 137 million.
“The conclusion of this facility proves that Alro is a solid company, with strong operational results and a sound long-term development programme”, said Marian Nastase, President of the Board of Alro. “The agreement is part of our strategy to consolidate our business and to focus on high efficiency of our operations”.
The revolving facility agreement worth USD 137 million was concluded with a syndicate of banks. Its main purpose is the refinancing of the USD 120 million revolving facility concluded with the European Bank for Reconstruction and Development, in 2010. The bank consortium includes Raiffeisen Bank International and Raiffeisen Bank Romania, each as co-ordinator and Mandated Lead Arranger (MLA), Unicredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank, Transilvania Bank each acting as MLA as well as Zamfirescu Racoti & Partners assisted the company on the legal side.
Alro guarantees the loan with key immovable assets, movable mortgages, mortgages on the rights and receivables from insurance policies covering the Company's assets and concluded in relation with the goods that are object of the guarantees created, as well as mortgage on all the shares of Alum, owned by Alro and all the shares of Conef SA, owned by Alro. Under the terms of the agreement, Alro will continue to conduct its business with due diligence, maintain accounting and cost control, pay all the taxes in due time.
For further information please contact:
Florenta Ghita
Premium Communication
Bucharest
Phone +40 (0) 21 411 01 52
Email florenta.ghita@premiumpr.ro
Notes to the Editors:
Alro is subsidiary of Vimetco N.V., a global, vertically-integrated primary and processed aluminium producer. Alro is one of the largest aluminium producer in Central and Eastern Europe measured by volume with an installed production capacity of 265,000 tonnes per year.
The main markets for the aluminium manufactured by Alro are within the European Union (i.e. Hungary, Poland, Greece, Germany and Romania). Alro also exports to the United States of America and Asia. Alro is ISO 9001 certified for quality management and has NADCAP as well as EN 9100 certificates for aerospace production organizations. Alro’s products adhere to the quality standards for primary aluminium on the LME, as well as international standards for flat rolled products.
The contents of the website www.alro.ro are not incorporated into, and do not form part of, this announcement.