January 23 (SeeNews) - Bulgarian lavender oil and cosmetics producer Lavena [BUL:4L4] has signed a 4.505 million levs ($2.617 million/2.303 million euro) loan deal with United Bulgarian Bank (UBB) for the expansion of its production and storage facilities, the company said.
The deadline for repaying the loan is March 1, 2023, Lavena said in a filing with the Bulgarian Stock Exchange on Tuesday.
The interest rate on the loan is set at the reference interest rate of UBB plus 1.55 percentage points per annum but no less than a total of 1.55%, Lavena said.
The real estate assets of Lavena in Shumen, northern Bulgaria will be placed as loan collateral, Lavena added.
Last month, Lavena said it intends to invest part of the proceeds of its forthcoming capital increase to partially finance a 7 million levs project for expanding the company's production and storage facilities.
Established in 1962, Lavena owns lavender plantations and exports its products to Europe, Asia, Africa, Australia and the U.S. Bulgaria is among the world's biggest producers of lavender oil.
(1 euro = 1.95583 levs)
United Bulgarian Bank AD is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here