CORPORATE BRIEFS

EBRD and Credit Lyonnais to provide $126 million loan to Slovalco

The European Bank for Reconstruction and Development (EBRD) and Credit Lyonnais announced on November 27 that preparations for the provision of a syndicated loan of $126 million to aluminum smelter Slovalco, based in Žiar nad Hronom, have concluded.

The EBRD arranged the loan, payable in 2003, while Credit Lyonnais co-financed it. The credit has as senior managers Dresdner Kleinwort Benson, NM Rothschild & Sons Limited, Societe Generale and Raiffeisen Zentralbank Osterreich AG.

"The most significant international banks are participating in the loan, which is a reflection of Slovakco's market orientation towards foreign trade as well as on the strength of the company's management," EBRD deputy president for financing Norren Doyle said. "Despite turbulence on the markets of transforming countries, strong projects in eastern and central Europe still have a chance of success. The successful arrangement of the loan reflects the intentions of foreign investors to continue supporting long-term investment projects in CEE countries, especially in collaboration with financial institutions like the EBRD," Doyle added.

The EBRD has a 10% stake in Slovalco. A Credit Lyonnais official said the conditions of the loan were more favourable than those for Slovak government paper, but would not disclose specific figures.

Slovalco had a 3Q98 gross profit of 450 million Sk ($12.5 million) on output of over 6.03 billion Sk ($168 million) and gross sales of 5.91 billion Sk.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Nicholson: Only a naive person would believe anything has changed

A former Slovak Spectator and Sme journalist wrote a book about the Gorilla file.

Tom Nicholson

Discrepancies found in the draft state budget

Minister Kamenický proposed the draft budget at the last minute. It is too optimistic.

Finance Minister Ladislav Kamenický

The biggest illegal factory in central Europe has caused millions in damages

47 people have been arrested. They can spend up to eight years in prison.

Two nominees for Record of the Year released within a week

Arguably, only a handful of journalists are likely to hear all 39 hours of Gorilla, but the public will no doubt jump at some sequences.

Protests over the Gorilla scandal drew thousands into Slovakia’s squares.