February 3 (SeeNews) - Romanian organic farming products company Norofert [BSE: NRF] said on Friday that it has contracted a revolving credit line worth 2 million euro ($2.2 million) from state-owned export-import lender Exim Bank, to be used as working capital.
The credit line will facilitate the purchase of raw materials for the production of soil fertilisers as well as the purchase of granulated fertilisers from import, which will turn into company assets and help to maintain a reasonable degree of indebtedness, Norofert said in a statement filed with the Bucharest Stock Exchange.
The loan has a variable interest rate composed of the six-month Euribor reference rate and an interest margin of 2.5% per year, which also includes the currency risk margin.
The credit line is valid for 24 months from the date of the contract, until January 31, 2025.
Established in 2000, Norofert is the main producer of organic fertilizers in Romania and is structured into three business lines comprised of production inputs for organic and conventional agriculture, organic farming and grain trading.
Norofert shares traded 0.44% higher at 6.87 lei ($1.54/1.4 euro) as at 1424 CET on Friday on the Bucharest bourse.
($=0.9104 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