18:47 07.06.2019

EBRD organizes syndicated loan of EUR116 mln for building new plant Kronospan UA

2 min read
EBRD organizes syndicated loan of EUR116 mln for building new plant Kronospan UA

The European Bank for Reconstruction and Development (EBRD) organizes a syndicated loan of EUR116 million for the manufacturer of sheet materials based on wood Kronospan UA (Novovolynsk, Volyn region), which is part of Kronospan Group, for the construction of a new plant, according to a bank press release.

"The EBRD will be the lender of the record for the amount of EUR116 million, while EUR50 million out of the total will be syndicated to commercial banks Raiffeisen Bank International AG and Raiffeisenlandesbank Oberösterreich under an A/B loan structure," the report says.

"The funds will finance investments in new production facilities in compliance with relevant EU standards and regulations. The company plans to expand its production in Ukraine with the construction of a new facility in Novovolynsk, western Ukraine," it reads.

"Specialized energy efficient equipment, including a 45 MW biomass boiler energy plant, a new transformer unit and a new precipitator filter will provide an alternative power supply solution, cut energy losses and help reduce dust emissions. High value-added products manufactured at these facilities are expected to lead to oriented strand board (OSB) imports substitution and more exports from Ukraine to the EU single market and other countries," according to the document.

Kronospan was created in Austria in 1897. Currently it is the leading European manufacturer of wood-based sheet materials, operating in 21 countries. Total sales exceed EUR2.7 billion per year.

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