Thus, the company’s Board of Directors proposed that the structure of the Syndicate of Banks be changed so as to be coordinated by Banca Export-Import a Romaniei (Eximbank). It also proposed that the maturity of the credit line worth maximum USD120 million be prolonged until 20 November 2023 and that the maturity of the credit line used for issuing Letters of Credit and Guarantee Letters with a value of USD$30,000,000 be prolonged until 29 February 2024.
To this end, Alro Slatina will conclude with the New Syndicate of Banks an immovable mortgage agreement on the key immovable assets of the company (which are also mortgaged under the immovable mortgage agreements dated 14 December 2015, 16 November 2017 and 11 January 2019) formed, among others, of plots of land, buildings, structures, constructions representing improvements of the plots of land, any other immovable properties and all the annexes, utilities, devices, assets and equipment that are immovable by destination and movable assets accessory to immovable property, as shall be agreed with the creditors and the granting of the mortgages thereunder (“the Additional Immovable Mortgage Agreement”). It will also conclude with the New Syndicate of Banks a movable mortgage agreement on some movable assets held by the company (which are also mortgaged under the movable mortgage agreements dated 14 December 2015, 16 November 2017 and 11 January 2019).
Alro Slatina is majority owned by Russian group Vimetco (54.2%), while Paval Holding owns 23.2% and Fondul Proprietatea owns 10.2%.
ALR shares have been trading down 15.8% since the beginning of 2020, amid deals worth RON8.6 million, ensuring the company a market value of RON1.4 billion.