137 million dollar loan from a syndicate of banks to Alro

Alro, the biggest aluminum producer in Central and Eastern Europe finalized a 137 million dollar revolving loan approval with a bank syndicate consisting of Raiffeisen Bank International, Raiffeisen Bank România, UniCredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank and Banca Transilvania.

The measure was approved by the Alro Slatina shareholders in late 2015 in order to refinance a previous 120 million dollar loan, released by the European Bank for Reconstruction and Development (EBRD), in 2010.

Alro ensures the loan with their immovables, mortgages for security of personal property, for their civil rights for damages caused by insurance policies, personal stocks and shares of Alum and Conef, also owned by Alro.

Zamfirescu Racoti & Partners is the law firm that successfully assisted Alro into contracting the credit.

Alro is a subsidiary of Vimetco, producer of Aluminium operations in Romania, China and Sierra Leone. According to the most recent reports, at the end of the ninth month of 2015, Alro Slatina was having a profit of 145 million RON and 1,1 billion lei worth of debts, comparing to a 814 million worth of debts at the end of 2015’s first semester.

At the beginning of 2016, the Company was sanctioned with a fee of 21,2 million RON by the Council of Competition in a file regarding anticompetitive deals on the market of producing and commercializing electricity.

by Mihaela Constantin