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Romania's EximBank backs jewelry maker Teilor with 8.5 mln euro loan for stocks, European expansion

Romania's EximBank backs jewelry maker Teilor with 8.5 mln euro loan for stocks, European expansion Source: Teilor

BUCHAREST (Romania), November 16 (SeeNews) - Romania's state-owned EximBank provided a 8.47 million euro ($9.62 million) loan to luxury jewelry stores chain Teilor, the bank and the company said on Tuesday.

The capital will be used for the acquisition of jewelry stocks and investments in new stores abroad, the bank and Teilor said in a joint press release.

Teilor's expansion plan foresees the opening of 17 stores between 2021-2022 in nine European countries. By the end of 2021, Teilor expects its network to reach 62 stores - 53 are in Romania, four in Poland, three in Bulgaria, and two in Hungary.

"The credit lines granted by EximBank and guaranteed by the Romanian state complement the financing we seek to raise from the capital market investors. We are in a favorable moment for our business, and we want to make the most of the available opportunities," Teilor CEO Willy Dicu said.

The loan should be repaid in 72 months.

In addition to the credit products, EximBank also issued state guarantees covering 70% of the credit line and 80% of the investment credit.

Earlier this month, Teilor Holding, the owner of Teilor stores, said it intends to carry out a private placement of corporate bonds worth an estimated 45 million lei ($10.5 million/9.09 million euro) before the end of the year and then list them on the alternative segment of the Bucharest Stock Exchange, AeRO.

More than half of the intended funding will be directed towards the expansion of the jewelry store network across Romania and Europe, as well as investments in the eCommerce platform, the group said at the time.

In September, Teilor announced it aims to invest 30 million lei before the end of the year in expanding its store network across the CEE region.

In March, Raiffeisen Bank granted Teilor two loans worth a total of 2.62 million euro for working capital needs and investment in IT infrastructure and e-commerce applications.

Established in 1998 as a family business, Teilor currently operates 56 brick & mortar stores open both nationally and internationally.

($=0.8804 euro)

Banca de Export-Import a Romaniei – Eximbank SA is among the biggest banks in SEE, for more reference take a look at Top 100 banks