November 22 (SeeNews) - Croatian shipping company Uljanik Plovidba [ZSE:ULPL-R-A] has signed a contract with a foreign creditor for a partial refinancing of an existing loan, the company said on Thursday.
The rest of the funds needed for the planned overall refinancing will be secured from alternative sources of financing, which will significantly reduce the debt exposure of the company, Uljanik Plovidba said in a filing to the Zagreb Stock Exchange.
It gave no figures.
The completion of all necessary activities related to the planned refinancing is expected by the end of the current business year.
In September, Uljanik Plovidba said that a group of international banks, led by Credit Suisse, has granted the company a significant debt relief and permission to refinance an existing syndicated loan issued for the purchase of two tankers, Kastav and Pomer.