July 5 (SeeNews) - Moldova's agri-industrial group Trans-Oil said that it has signed a renewal of its borrowing base financing facility of up to $200 million (183.5 million euro) and will use the funds to buy agricultural commodities out of the 2023 harvest from Moldovan and Romanian farmers and suppliers.
The financing facility is structured as a traditional banking borrowing base that was initially granted in 2014 and is secured by stocks, receivables and cash, Trans-Oil said in a press release on Tuesday.
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The limit of the financing facility increased by 30% compared to last year, demonstrating Trans-Oil’s ability to raise capital on international debt markets, despite current geopolitical risks associated with the Black Sea region. the group said.
The Borrowing Base Finance Facility is a syndicated loan offered by a pool of lenders that includes ING Bank N.V. Amsterdam, Black Sea Trade and Development Bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, UniCredit Bank Austria, Raiffeisen Bank International, OTP Bank Moldova, OTP Bank Hungary, FIMBank and Citi Bank NA.
Employing some 2,800 people, Trans-Oil’s business segments are focused on oilseed crushing and refining, grains storage and trading, as well as providing grain, oil handling and transshipment services through its six export terminals.
($=0.9176 euro)