February 6 (SeeNews) - Romanian IT group Bittnet Systems [BSE:BNET] said that it has increased the value of a credit agreement contracted by subsidiary Elian Solutions from UniCredit Bank to 1.6 million lei ($356,960/326,500 euro).
The agreement was extended from the initial sum of 800,000 lei, for a duration of 12 months, Bittnet said in a report filed with the Bucharest Stock Exchange (BVB) on Friday.
The funds will support the working capital needs and current activity of Elian Solutions.
UniCredit Bank will continue charging a fluctuating interest rate equal to the ROBOR 3M reference rate in addition to the bank's fixed margin of 3%.
Elian Solutions secured the loan with mortgages on the bank accounts opened at UniCredit, an assignment of receivables and a letter of corporate guarantee issued by Bittnet Systems.
Bittnet owns 51% of Elian Solutions, which it acquired in 2018.
Bittnet Systems shares traded flat at 0.2940 lei as of 0945 CET on Monday on the main market of the BVB.
(1 euro=4.9005 lei)