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EBRD mulls $28 mln loan to Yildirim for Albania's Albchrome acquisition

EBRD mulls $28 mln loan to Yildirim for Albania's Albchrome acquisition Photo: EBRD

TIRANA (Albania), March 8 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is considering providing a senior secured loan of up to $28 million (25.6 million euro) to Turkey's industrial conglomerate Yildirim Group to finance the acquisition of Albania's AlbChrome Holding, owner of chrome producer Albchrome.

Some $8.4 million of the total amount will be provided to refinance the debt of AlbChrome outstanding at the date of the acquisition, the EBRD said in a project summary description on Monday.

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The remaining $19.6 million will be used to partially refinance Yildirim Group's funding of advance for the acquisition.

The expected loan approval date is April 6.

Albanian investment group Balfin said it has completed the sale of AlbChrome Holding to Yildirim Group in January.

AlbChrome owns a mine in Bulqiza, ferrochrome smelters in Burrel and Elbasan, and Vllahen Mining. It is one of Albania's main exporters.

($ = 0.9159 euro)

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