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Grupa Kęty SAKety metals group decides to conclude PLN 350 mln loan agreement with PKO BP
Listed metals group Kety has decided to conclude a term loan agreement with Poland's largest lender by assets PKO BP for PLN 350 million (EUR 81.8 mln), the company said in a market filing. The loan will be used to purchase 100 percent of the shares in Selt.
As stated, the agreement will be concluded for a period of three years. The loan will be disbursed in Polish zlotys, with the agreement including the possibility to convert the loan into euro.
"The interest rate of the loan will be variable and calculated on the basis of the base rate WIBOR or EURIBOR, respectively, plus the bank's margin depending on the net debt/EBITDA ratio," Kety said in a market filing.
The preliminary agreement for the acquisition of shares in Selt was concluded by Kety group in mid-June. A few days ago, the group announced the fulfilment of the conditions of the preliminary agreement to acquire the company. The agreed purchase price for 100 percent of the shares is PLN 420 million (EUR 98.1 mln) less net debt.
Kety announced earlier that the acquisition of Selt will enable the group to extend the value chain, expand the group's product portfolio in a promising area of the market, where the group's presence to date has not been significant, and allow it to achieve a number of synergies in, among others, the areas of purchasing, sales and customer service.
gaw/ ao/ nl/
