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SE succeeds in restructuring its loans

Slovenské Elektrárne (Slovak Power - SE), has secured funds worth 50 billion Sk this year, which has enabled the company to reduce its average interest on its loans from 14.3 percent at the beginning of this year to the current level of 11.6 percent. One of the most important transactions was the loan restructuring from Investičná a Rozvojová Banka (IRB) last March. In the agreement, two loans worth a total of 13.191 billion Sk will be repaid by 2010 and 2015, respectively, and will bear an interest rate of 13.25 percent. At the end of May, SE obtained a loan worth 26.63 billlion Sk to complete the first two blocks of the nuclear power plant at Mochovce. In June, SE organized a 3-year revolving credit line worth 1.5 billion Sk from a Slovak bank consortium led by Všeobecná Úverová Banka (VÚB), with an interest of BRIBOR + 1.7 percent. A month later, SE obtained another loan from a bank consortium, this time for $150 million arranged by JP Morgan with an interest of LIBOR + 0.875 percent.

In January, SE is expected to sign a contract for a syndicated revolving loan worth 50 million ECU. The loan, to be manged by the Bank of America and Sumimoto Bank, will be used to finance general corporate needs, but with priority given to the electrical power plant project at Vojany.

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