LES: Due to long-term loan agreement
Following the end of purchase procedures mandatory 15-day postponement, on 19 November, 2015 LESTO AB and Pohjola Bank Plc. signed a long-term loan agreement according to which LESTO AB will be granted a loan of EUR 70 million. The Commission of the tender has decided that Pohjola Bank Plc. has offered the best bid.
"We continue our successful cooperation with Pohjola Bank Plc. We are pleased that our new financial partner can offer the cheapest financing. Having signed our second loan agreement with this bank, we diversify portfolio of the company’s liabilities and reduce our financial costs,” - says Andrius Bendikas, Director of Finance and Administration division of LESTO AB.
The funds will be used to refinance the Company's financial liabilities and also, for the working capital needs. Maturity of the loan will be 5 years. The base interest rate - 1 month EURIBOR.
During the contract period the Company may be granted an additional credit, which cannot exceed 30 percent of the loan amount.