Romanian aluminum producer Alro refinances $ 150 million with Eximbank as loan arranger
Shareholders in Romanian aluminum producer Alro Slatina have approved a $ 150 million loan agreement to refinance until 2023-2024 a credit facility that it has used for technology investments for the past five years.
State lender Eximbank would be Alro’s new primary creditor.
Thus, the aluminum producer is renewing a credit facility of $ 120 million maturing in November 2023 and rescheduling the maturity of a loan of $ 30 million to February 2024. The extraordinary general meeting of shareholders of the company approved, as well as the new credit agreement, the replacement of the loan arranger Raiffeisen Bank International by Eximbank.
Alro’s revenue in the first half of the year fell almost 10% compared to the same period of 2019, to 1.36 billion RON (280 million euros), mainly due to lower commodity prices and demand in the context of the crisis. However, in terms of profitability, the company has shown substantial improvement. Thus, its net profit climbed 218% year-on-year to reach 253.7 million RON (52 million euros) in the first half of the year.
“We have managed to overcome a difficult first half, to keep all our production units fully operational and not to affect the activity of Alro and the other subsidiaries,” says the management of the company in the half-year report.
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