LJUBLJANA (Slovenia), February 15 (SeeNews) - Slovenian steel producer Slovenska Industrija Jekla (SIJ) has signed an agreement with nine banks to receive a seven-year syndicated loan worth 230 million euro ($261 million), it said.
SIJ will use the funding to refinance its existing loan portfolio and invest in energy efficiency improvements at subsidiaries SIJ Acroni and SIJ Metal Ravne, the company said in a filing with the Ljubljana Stock Exchange on Monday.
The loan will be extended by a group of lenders led by Nova Ljubljanska Banka (NLB) [LJE:NLBR] as agent and also including Nova Kreditna Banka Maribor, SID Banka, SKB Banka, Erste Group Bank, Banka Sparkasse, Banka Intesa Sanpaolo, UniCredit Banka Slovenia and the European Bank for Reconstruction and Development (EBRD), SIJ said.
"The new loan, together with already issued bonds and commercial papers, provides the two steel companies and the entire SIJ Group with the long-term financing and stability we need for growth and development in line with our strategy until 2025," SIJ CFO Igor Malevanov said in the statement.
Earlier on Monday, the EBRD said it provided 25 million euro to SIJ under the debt facility to support the efforts of SIJ to further reduce its environmental impact, improving energy efficiency and climate-related disclosures.
SIJ Group is the largest vertically integrated steel producer in Slovenia and a leading exporter with a strong presence in 68 countries in Europe, North America, South America, Asia, Africa and the Middle East.
($ = 0.88208 euro)
UniCredit Banka Slovenija d.d. is among the biggest banks in SEE, for more reference take a look at Top 100 banks