January 30 (SeeNews) - Romanian paper products manufacturer Pehart Tec Grup has contracted a syndicated loan facility worth 24 million euro ($25.6 million) from local lenders Banca Comerciala Romana, EximBank and Banca Transilvania.
The loan facility has a three-year maturity and a two-year extension option and will be used by Pehart Tec Grup to partially refinance existing loans and for working capital, Banca Transilvania said in a press release.
BCR and Banca Transilvania have provided Pehart Tec group with bilateral funding totalling about 19 million euro, which the company used in recent years for investments in production capacities expansion and modernisations, the bank added.
Pehart Tec Grup is controlled by private equity firm Abris Capital Partners, in partnership with businessman Ioan Tecar and owns two production units in Dej, Cluj county and at Sebes in Alba county, with a total capacity of 100,000 tonnes of tissue paper per year. Pehart's products are sold in Romania and in Central and Southeastern Europe.
Its net profit plummeted by 60% in 2015 to 5.86 million lei ($1.4 million/1.3 million euro), while its turnover rose 8.5% to 277.7 million lei, latest data posted on finance ministry's website showed.
(1 euro = 4.5006 Romanian lei)