March 5 (SeeNews) - Romanian agricultural group Rodbun Group obtained a syndicated credit facility totalling 101.5 million euro ($110.2 million), refinancing and expanding existing facilities by EUR 37.14 million, Banca Comerciala Romana (BCR), coordinator and bookrunner for the loan, said on Tuesday.
The facility will be used by Rodbun to cover its working capital needs and support its development strategy, BCR said in a press release.
You can download the 2023 Agriculture industry in Southeast Europe report here
The facility consists of three tranches: a revolving loan facility in the amount of 93.5 million euro, a term loan facility of 2.86 million euro, and a 5.1 million euro capital expenditure (CAPEX) facility.
The loan is provided by a syndicate of banks comprising BCR, CEC Bank, ING Bank Romania, Raiffeisen Bank Romania, Garanti BBVA, and AlphaBank Romania.
"In this context, Rodbun has the opportunity to continue its investments in genetics - with a special emphasis on the valorisation of local genetics - in the development of seeds adapted to regional specifics and in the improvement of logistical capabilities through cutting-edge technologies. The company is also able to allocate resources to test cutting-edge technological innovations capable of increasing the resistance of crops to the new climate changes," said RodBun co-founder Daniel Muntean.
Rodbun more than 500 people and manages around 8,000 hectares of farmland. It also owns one of the strongest logistic infrastructures on the wholesale market, with regional logistics centers, zonal storage facilities and cereal storage capacities.
($=0.921438 euro)