SOFIA (Bulgaria), September 3 (SeeNews) - Bulgarian financial leasing company Elana Agrocredit [BUL:0EA] said on Tuesday that it has signed a 15 million levs ($8.4 million/7.7 million euro) loan deal with local bank Expressbank.
The loan comprises a revolving credit facility of up to 5 million levs and an investment loan of up to 15 million levs for funding the expansion of the company's leasing portfolio, Elana Agrocredit said in a statement.
The revolving credit line has to be repaid within 2 years of the contract signature date, while the investment loan can be repaid 8 years after the signing of the deal.
The revolving credit line has an interest equal to Expressbank's reference interest rate plus 2.20%. The investment loan bears a fixed annual interest of 2.79%, or an interest equal to Expressbank's reference interest rate plus 2.25%.
At the time of the contract signature date, Expressbank's reference interest rate was 0%.
Elana Agrocredit has financed farm land acquisitions worth some 6.1 million levs so far this year.
(1 euro = 1.95583 levs)