Bulgaria's Elana Agrocredit land purchase financing doubles y/y in Aug

Elana Agrocredit financed the purchase of 29.65 ha of land last month, compared to some 28.3 ha in August 2021, the company said in a monthly report on Wednesday.

The financial leasing business agreed fifteen deals for financing purchases of farmland in the month under review.

In June, the company's board approved the issuance of a 63-month bond worth up to 5 million euro ($4.99 million). The debt maturity period was shortened to 61 months after a board meeting in July.

The company typically finances 80% of the value of land purchases, with agricultural land making up over 91% of its portfolio. For the 2021-2022 crop year, Elana Agrocredit has so far approved loans to clients totalling some 18.6 million levs.

Shares in Elana Agrocredit traded flat at 1.00 levs as at 1413 CEST on Thursday.

(1 euro = 1.95583 levs)