The funds will be used to fully refinance the company’s existing loans taken out from VTB Bank Europe and Argentum Netherlands BV/Credit Suisse International and to continue several development projects, per a stock market report.
The funding granted by CEC Bank includes a term loan facility in the amount of EUR20 million and a revolving credit facility of EUR6.7 million which will reach the maximum ceiling of EUR40 million. The EUR30 million funding from Alpha Bank Romania consists of a term loan facility.
In October, CEC Bank will supplement the financing by EUR33.3 million, with negotiations being already closed.
Chimcomplex is also considering accessing additional funding on the international market to further develop investments. The company plans to start investment projects aimed at reducing carbon footprint and boosting energy efficiency.
Chimcomplex is held by Romanian entrepreneur Stefan Vuza who contracted foreign loans from VTB Bank Europe and Argentum Netherlands BV/Credit Suisse International when it acquired chemical plant Oltchim Ramnicul Valcea. Upon acquiring Oltchim assets in 2018, Chimcomplex SA Borzesti became the largest producer of chemical products in Romania and continued a sustained process of transformation and development.