BUCHAREST (Romania), October 18 (SeeNews) - Romanian agribusiness and meat processing group Carmistin will receive an additional 209 million lei ($49 million/ 42 million euro) syndicated loan from several lenders, Banca Comerciala Romana (BCR) said on Monday.
The extension complements a 427 million lei syndicated loan arranged in November, taking the total loan facility to a value of 636 million lei with the purpose to support the group’s new investment strategy, BCR which acted as bookrunner and lead arranger of the loan, said in a press release.
The loan will be used for multiple purposes, to finance new investment projects launched by the group's companies, including co-financing projects based on EU funds, as well as working capital needs.
The projects include livestock farms upgrade, modernization, extension and creation of new meat processing capacities, as well as the increase of the production capacity of the compound fodder factory.
The syndicate of banks also comprised CEC Bank, EximBank, Intesa Sanpaolo Romania and OTP Bank Romania.
"This loan facility comes to support Carmistin Group’s direction and vision to become the largest integrated protein producer in Romania by 2025, with a value system based on fair, healthy and eco-friendly production of food products," Carmistin Group general manager Andrei Brumaru said. "Innovating technologies and products have become critical for our vision of growth, and that is why we are deploying a comprehensive investment programme that will lead to the efficient and sustainable development of our current production capacities."
Founded in 2000 by the Paraschiv family, the Carmistin integrates 90% of the agrizootechnical production chain, starting from cultivation of cereals, feed production, animal husbandry to slaughter, processing and distribution of meat products and preparation, including in its own retail network.
Carmistin Group has over 20 companies operating in four production lines: chicken, pork, beef and agriculture.
(1 euro=4.9484 lei)
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