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Nov 06, 2017 17:57 EEST
November 6 (SeeNews) - Croatian tourism company Sunce Koncern [ZSE:SUKC] said on Monday it has signed a mandate letter with the EBRD, initiating a process for comprehensive refinancing of existing debt.
The company's goal is to reduce the number of creditors and equalise the conditions on all loans, to reduce the average interest rate, to extend the maturity of financial commitments, and to increase the share of debt with a fixed interest rate, it said in a Zagreb bourse filing.
The mandate letter also foresees the possibility of the EBRD financing a part of the company's Capex program, as well as the lender's engagement in assessing and improving the corporate governance practices in the Sunce Koncern.
The tourism company noted that it expects a number of domestic commercial banks to participate in the overall financial arrangement with the EBRD.
The completion of the transaction is expected during the first quarter of 2018.
Sunce Koncern, founded in 2004, owns and operates a chain of hotels and resorts under the Bluesun brand in Dalmatia, Bol, Brela, Tucepi, Starigrad Paklenica, and Marija Bistrica.
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