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GRENEVIA SAGrenevia inks loan agreement with consortium of banks for PLN 850 mln
Listed industrials firm Grenevia has concluded a loan agreement with a consortium of banks Pekao, PKO BP and BNP Paribas Bank Polska for PLN 850 million (EUR 199 mln), the group said in a market release. The funds will replace current bank financing and bonds with a total value of approximately PLN 930 million (EUR 218 mln).
As stated, the loan is divided into two tranches - Tranche A of PLN 700 million (EUR 164 mln) with Sustainability-Linked Loan (SLL) financing and Tranche B of PLN 150 million (EUR 35 mln).
"The funds raised under Tranche A will primarily be used to finance investments made in accordance with the company's business transformation strategy, such as project development or modernisation or acquisitions of shares in other entities, as well as for the early redemption of bonds issued in 2021," it wrote.
"This financing can also be used for the activities of the Grenevia Group's Famur segment unrelated to the mining sector and particularly focused on the wind power sector. Such projects are being implemented within the Famur Gearo division," it added.
It was reported that the purpose of Tranche B is to finance the general corporate needs of the Famur segment and to refinance existing short-term loans.
The term of the loan has been set by the parties to the agreement at three years from the signing of the agreement, with the possibility of an automatic extension for another two years when certain conditions are met. Another two-year extension is possible upon approval of the lenders.
gaw/ han/
