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Croatia’s Valamar signs club loan agreement worth 130 mln euro

May 29, 2024, 5:50:23 PMArticle by Annie Tsoneva
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May 29 (SeeNews) - Croatian hotel owner and manager Valamar Riviera [ZSE:RIVP] said on Wednesday it signed a club loan agreement worth 130 million euro ($141 million) with the local unit of Austria's Erste banking group, Erste & Steiermarkische Bank d.d., and the Croatian arm of Italy’s banking group Intesa, Privredna Banka Zagreb.

Croatia’s Valamar signs club loan agreement worth 130 mln euro

The loan agreement has been signed for the purpose of financing the investment in the Pical zone in Porec, a new year-round top quality resort, representing the most significant and largest individual investment in Croatian tourism, Valamar Riviera said in a filing to the Zagreb bourse.

Each creditor will provide 65 million euro under the agreement.

The term of use of the loan is until June 30, 2026, and the maturity date is September 30, 2036.

Blue-chip Valamar traded flat at 5.14 euro on Wednesday afternoon on the Zagreb bourse.

($ = 0.924 euro)

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