The EBRD is considering taking the lead in refinancing most of the existing debt of Alro S.A, the largest aluminium smelter in Southeast Europe. The amount will be up to USD 180 million A/B loan of which at least USD 105 million to be syndicated to commercial banks (including current lenders to the Alro). Currently, the decision is pending board approval after passing final review.
The EBRD states that due to the global crisis, the existing debt structure affected the financial flexibility of the Alro, putting a considerable strain on cash reserves. This has had a negative effect on the ability of the Alro to pursue its strategy of shifting towards higher value added products. Bringing stability to the financing structure will also enable the Alro to proceed with a USD 50 million investment programme during 2010 to 2012, which will focus on improving the quality and range of its products, and which includes significant energy efficiency improvement projects. These investments, together with an environmental and health and safety action plan will be defined in the scope of the Project to be supported by the financial restructuring.
The Project is an important crisis response transaction with transition impact expected to derive from improvements in energy efficiency and environmental standards as well as from the demonstration effects of further restructuring. Source; EBRD
豫公网安备41010502003434号