SOFIA (Bulgaria), March 9 (SeeNews) – Bulgarian veterinary drug maker Biovet [BUL:53B] signed a deal to borrow up to 13 million euro ($18.1 million) from Citibank N.A. – Sofia Branch to finance capacity increase, the company said on Wednesday.
Biovet has to repay the loan by March 9, 2017, it said in a statement to the Bulgarian Stock Exchange's information service, X3 News.
The loan has a grace period of one year and will be repaid in 60 equal monthly instalments. No information on the loan’s interest rate was disclosed.
Biovet will use the money to build a new fermentation plant and buy machines and equipment for it. The new plant will be located at the company’s production site in Razgrad, in northeastern Bulgaria.
Biovet, majority owned by Sofia-based drug maker Huvepharma, has production facilities in Bulgaria and Macedonia.
Biovet stock (www.biovet.com) closed 0.97% higher at 10.45 levs in a volume of 1,371 shares at the Sofia bourse on Wednesday.
($=0.7198 euro)