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Nov 10, 2020 17:03 EEST
November 10 (SeeNews) - Romanian aluminium producer Alro Group [BSE:ALR] said on Tuesday that it is borrowing a total $150 million (127 million euro) in extension to a $235.1 million credit facility first accessed in 2015.
Shareholders have decided to prolong the maturity of the credit line in value up to $120 million until November 20, 2023 and the maturity of the credit line used for issuing letters of credit and guarantee letters with a value of $30 million until February 29, 2024, Alro said in a statement filled with the Bucharest Stock Exchange.
Alro's shareholders have also decided to replace banks syndicate coordinator Raiffeisen Bank with state-owned EximBank.
In September, Romania's economy ministry said that Alro received 243 million lei ($59 million/ 50 million euro) in state aid to fight the impact of the coronavirus crisis on its operations. The state aid to Alro is part of a 1.4 billion lei support scheme which offers compensation to energy-intensive companies in Romania for indirect emission costs, the ministry explained at the time.
Alro is a listed joint-stock company established in 1961 in Romania, part of an integrated group that produces aluminium and covers the entire technological process, from bauxite to processed products.
Alro is subsidiary of Vimetco N.V., a global, vertically-integrated primary and processed aluminium producer, which has operations in Romania, China and Sierra Leone.
Alro's shares traded 0.47% higher at 2.13 lei on the Bucharest Stock Exchange as at 1448 CET on Tuesday.
(1 euro=4.8667 lei)
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