SOFIA (Bulgaria), December 22 (SeeNews) – The White Lagoon company, a unit of Bulgarian resort operator Albena [BUL:6AB], has signed a 13.7 million euro ($14.3 million) loan deal with Societe Generale Expressbank, Albena said on Thursday.
The White Lagoon assets worth 35.3 million levs will be placed as loan collateral, Albena said in a bourse filing.
The loan will be extended in two tranches, according to the minutes of Albena’s latest shareholders meeting filed to the Sofia bourse earlier this month.
The first tranche, of 9 million euro, will be used for debt refinancing, including for two previous loans extended by Societe Generale Expressbank to White Lagoon, as well as a commercial credit from British travel group Thomas Cook.
The second tranche, of 4.7 million euro, is intended to finance expenses related to the company’s 2016-2017 investment programme, including the reconstruction of a lobby bar, reception area and restaurant, as well as 50 hotel rooms and other infrastructure.
The loan should be repaid by 2028, in 11 yearly instalments, starting from 2018.
Societe Generale Expressbank is the Bulgarian unit of French banking group Societe Generale.
($ = 0.9561 euro)