Romanian aluminum producer Alro Slatina has signed a three-year credit facility worth USD 167 million (EUR 140.7 million) with a syndicate of banks.

The deal was managed by Raiffeisen Bank International and Raiffeisen Bank Romania. The financing consortium included OTP Bank Romania, Unicredit Bank, Banca Comerciala Intesa Sanpaolo Romania, Banca Transilvania, Eximbank and Garanti Bank.

The agreement extends the three-year revolving credit worth USD 137 million signed in December 2015. It adds a new USD 30 million non-cash financing line, according to a press release sent to the Bucharest Stock Exchange.

The revolving credit is intended to finance the company's working capital. The non-cash financing line will be used to issue letters of credit and letters of guarantee.

Alro is a subsidiary of Vimetco NV, a primary and processed aluminum producer controlled by Russian investor Vitaliy Machitski. It is the largest aluminum producer in Continental Europe (excluding Russia and the Scandinavian Peninsula) with an installed production capacity of 265,000 tons per year.

The company recorded a net profit of RON 223.4 million (EUR 188.2 million) in the first nine months of this year, three and a half times higher than in the similar period last year.

editor@romania-insider.com