Atlantic Grupa signed amendments with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC, member of the World Bank Group) arranging more favourable financial conditions and prolonged maturity for its existing loans by two years, until 2021.
The new arrangements are a direct response to Atlantic's continuous fulfillment of all presently assumed obligations, the company's valid strategy and successful business results, enabling Atlantic to amend the financing terms. These amendments confirm that both Croatian and international financial community has strong confidence in Atlantic Grupa.
In comparison with the financing of acquisition of Droga Kolinska in 2010 and refinancing in 2012, the latest arrangements additionally decreases the estimated investment risk. Consequently, the conditions have been met to contractually agree significantly more favourable loan arrangements. The amendments are valid for a syndicated loan by the EBRD including the partner commercial banks, a loan by the IFC and a parallel bilateral loan by the EBRD for financing the investment in building and equipping the modern production facility for protein bars in Nova Gradiška.
„These amendments show again the trust that Atlantic Grupa enjoys with esteemed international development institutions and financial community, which are well prepared, despite the generally unfavourable and challenging surrounding, to support companies and projects exercising responsibility, strategy, proactivity and perspective. We are proud to have our results recognized in all of these areas by the wider financial public as well. The latest confirmation came from Euromoney, which named Atlantic the best managed company in Croatia and the best managed company in food and beverages sector in the SEE for 2015.“,commented Emil Tedeschi, President and CEO of Atlantic Grupa.
Gilles Mettetal, EBRD Director and Acting Head of Industry, Commerce & Agribusiness, said: “This agreement demonstrates our continuing commitment to Atlantic Grupa and the company’s plans to expand its business through organic growth and acquisition. Atlantic Grupa is a long-standing partner of the Bank and a pioneer of corporate governance and transparency with joining the Global Reporting Initiative. We see bright prospects for the company on the domestic as well as international markets and we remain a strong supporter of its further development.” The total value of the agreed package is 191,5 mio EUR, of which 146 mio EUR refers to EBRD's loan with partners including the banking groups Erste Bank, Raiffeisen Bank, Sberbank and Unicredit Bank, whereas IFC participates with 38 mio EUR, and the EBRD parttakes with a parallel bilateral loan of 7.5 mio EUR for the investment in Nova Gradiška.