SOFIA (Bulgaria), October 20 (SeeNews) – Bulgaria's Prista Oil Group said in Thursday that Plamen Bobokov and Atanas Bobokov had restored their full ownership of the company after buying back 30% of its shares from the European Bank for Reconstruction and Development (EBRD) and private equity fund ADM Capital.
The deal was financed through a 50 million euro ($54.88 million) loan extended by UniCredit Bulbank, Prista Oil Group announced in a press release.
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The 30% stake was acquired by the EBRD and ADM Capital back in 2012, when they covered Prista Oil Group's outstanding liabilities to U.S. Gramercy Emerging Markets Fund, replacing it as the minority shareholder in the Bulgarian producer of motor oils and industrial lubricants. Majority ownership remained with Plamen Bobokov and Atanas Bobokov.
Under the deal, the EBRD and ADM Capital provided Prista Oil Group with a 60 million euro financial package, comprised of 48 million euro of equity and convertible instruments and a 12 million euro loan to finance the company’s capital investment programme in the following five years. The remainder of the loan was repaid as part of the current deal.
Prista Oil Group is specialized in the production and distribution of motor and industrial oils, greases and special fluids. The company operates in more than 40 countries around the world.
($ = 0.9111 euro)