December 10 (SeeNews) - Turkish steel forging company Parsan Makina Parcalari Sanayii [BIST:PARSN] has decided to sign a 20 million euro ($27.5 million) loan agreement with local investment and development bank TSKB [BIST:TSKB], Parsan Makina said on Tuesday.
The company will use the loan to finance the construction of a new 12,500 tonne forging press line and the purchase of auxiliary equipment, it said in a bourse filing.
The loan will have an interest rate equal to the six-month Libor plus 5.0% and will be repayable in ten years including a three-year grace period.
Parsan Makina has received an investment incentive certificate for the press line, which will be set up in the industrial zone in Dilovasi district in Kocaeli province, in the northwest of the country.
($ = 0.727 euro)