The deal extends by three years the company’s existing $137 million revolving credit facility from December 2015 and adds a new $30 million letter of credit line.
“This revolving facility aims funding the working capital needs of the company, while the additional non-cash facility is intended to be used to support both operating and investing activities,” Alro said.
The transaction and the club of eight banks have been led by RBI Group (Raiffeisen Bank International and Raiffeisen Bank Romania acting jointly) as the sole coordinator. The club consists further of OTP Bank Romania, Unicredit Bank, Intesa Sanpaolo Romania, Banca Transilvania, Eximbank, and Garanti Bank.
Alro is a subsidiary of Vimetco N.V., a global, vertically-integrated primary and processed aluminum producer which owns 84.18% in the company, while investment fund Fondul Proprietatea (FP.RO) owns 10.21%, and the remainder of shares is distributed among investors on the Bucharest Stock Exchange.