September 7 (SeeNews) - Romanian IT company Bittnet Systems [BSE:BNET] said it has signed an investment credit worth a maximum 11 million lei ($2.26 million/2.27 million euro) with local lender Banca Transilvania [BSE:TLV] for financing the takeover of local peers TopTech and 2NET Computer.
The loan will help Bittnet cover 75% of the transaction price for TopTech and with 2NET Computer, it said in a press release on Tuesday.
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The credit has a seven-year maturity and the borrowed amount must be paid back in monthly installments. Banca Transilvania will charge a fluctuating interest rate equal to the ROBOR reference rate in addition to the bank's fixed margin of 2.5%.
Bittnet backed the loan with mortgages and a guarantee where the bank receives a favourable arrangement worth 60% of a credit from the European Investment Fund.
The company also informed investors about the signing of the closing procedures in the acquisition of TopTech.
Bittnet Systems, part of the Bittnet Group, is an IT and training company providing technical experience and more than 1,500 IT courses.
Bittnet shares traded 2.24% lower at 0.2835 lei/share on the Bucharest Stock Exchange, BVB, by 0930 CET on Wednesday.
Banca Transilvania's shares were trading 0.40% lower at 19.8 lei on Wednesday 1025 CET, on the BVB.
(1 euro=4.8287 lei)