September 21 (SeeNews) - Croatia's hotel operator Arena Hospitality said it has taken out a 150 million kuna ($23.5 million/20 million euro) loan from local lender Zagrebacka Banka to finance working capital needs.
The loan matures on June 30, 2025 and has a fixed annual interest rate of 0.9%, the bank said in a filing to the Zagreb bourse late on Monday.
The option to use the loan additionally improves the company's current strong cash position of 503 million kuna as of August 31, Arena noted.
The loan deal was signed on September 20. The loan was provided under a programme by state development bank HBOR to provide liquidity to exporters as part of aid measures related to help companies recover from the impact of the pandemic.
The company's shares closed at 310 kuna on the Zagreb bourse on Monday, down 0.64% from the previous closing price.
(1 euro=7.501 Croatian kuna)
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