September 6 (SeeNews) - Croatian food, beverage and drug producer Podravka [ZSE:PODR-R-A] said on Tuesday it has signed a 123 million euro ($137.3 million) syndicated loan deal with the European Bank for Reconstruction and Development (EBRD) and four banks, creating the preconditions for further growth on international markets.
The loan deal was signed between Podravka, its units Belupo and Zito, the ERDB as the arranger, and four banks Privredna Banka Zagreb, Raiffeisenbank Austria, SKB and Erste &Steiermarkische Bank as the creditors, the company said in a filing with the Zagreb bourse.
The EBRD’s committed portion will be up to 21.6 million euro, with the balance provided by other participants in the package and by parallel lenders, the lender said in a separate press release.
The funds will be used to strengthen the company’s continued operational and financial restructuring, creating a stable platform for further growth, enabling the company’s access to long-term finance and promoting further integration into global value chains.
“We welcome this opportunity to strengthen and deepen our relationship with Podravka, a Croatian company which is increasingly becoming a major international player. [...] The new phase of development will see Podravka and its Slovenian subsidiary Zito go from strength to strength”, Vedrana Jelusic Kasic, EBRD director, regional head of Croatia and Slovenia, said.
Podravka, founded in 1934, is one of the leading branded-food companies in Southeastern Europe with a strong presence in the Western Balkans, central Europe and Russia.
The company's shares closed down 0.28% at 357.27 ($53.2/47.6 euro) kuna on the Zagreb Stock Exchange on Monday.
($=0.8958 euro)