RO aluminum producer Alro extends USD 150 mln syndicated loan
Romanian group Alro Slatina (ALR), one of the largest vertically integrated aluminum producers in Europe by production capacity, has extended until 2023 two syndicated credit facilities totaling USD 150 million.
State-owned lender EximBank coordinated this facility for the first time.
The bank syndicate includes nine other financial institutions - Unicredit Bank, OTP Bank Romania, ING Bank, Raiffeisen Bank, CEC Bank, Intesa Sanpaolo Romania, Banca Transilvania, Garanti Bank, and the International Bank for Economic Cooperation.
Law firms Simmons & Simmons and Zamfirescu Racoti Vasile & Partners offered advised Alro in this transaction while the bank syndicate was represented by Allen & Overy and Radu Taracila Padurari Retevoescu (RTPR).
“This year we faced a new economic paradigm that impacted the global economy and forced us to implement a swift and complex anti-crisis program that showed very good results and allowed us to remain competitive in a very tough international market,” said Marian Nastase, Chairman of Alro’s Board of Directors.
“The extension of the credit facility, coordinated by EximBank and including very reputable and strong financial institutions, is yet another proof of Alro’s stability and determination in running a long-term development program that will ensure the business continuity despite the change in the economic environment,” he added.
The credit line will support Alro’s strategy to develop a portfolio with high and very high value-added products for sophisticated industries and continue its plans to implement state of the art technologies and reach climate neutrality, in line with the latest developments in this area.
Alro is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 320 mln.
(Photo courtesy of the company)