Romanian Post takes EUR 22 mln from EximBank to cover debts in cash collection

Romania’s lender EximBank will grant a loan of RON 100 million (some EUR 22 million) to state-owned Romanian Post, which will use the money to partially cover its debts from cash collection operations. The loan was secured through revenues the company will obtain from the distribution of pensions, among others things. The Romanian Post also secured the loan with transferable mortgage on current and future accounts opened at EximBank and blank promissory notes issued by the company in favor of the bank for the principal, interest rates and unpaid commissions. EximBank was the only bidder. The Romanian Post is the largest postal services operator in Romania, running a network of over 5,500 units across the country. At the end of 2012 the company had debts of some EUR 127 million (RON 568 million) and a turnover of around EUR 269 million (RON 1.2 billion). Irina Popescu, irina.popescu@romania-inisder.com