Comvex receives EUR 33.6 mln loan from Raiffeisen Bank, EximBank Romania to develop Constanta Port project

Georgeta Gheorghe 22/05/2017 | 15:24

Raiffeisen Bank and EximBank Romania signed at the end of last week a loan agreement valued at EUR 33.6 million with Comvex, aimed at funding the project Cereal terminal in Constanta Port, Berth 80. Each bank provided an equal share of EUR 16.8 million. The investment loan given by the banking consortium also benefit from a guarantee issued by EximBank on behalf of the Romanian state, valued at EUR 18.2 percent.

The funding, with 10-year maturity, will be used to develop and operate a Terminal for cereal with a deposit capacity of 200,000 tons. The total investment stands at EUR 45 million. Comvex also received funds from the capital market, which allowed it to bring an EUR 8 million contribution.

The terminal will be built in Berth 80 of Constanta Port, the deepest Black Sea berth and will represent a first in Romania: it will create the possibility to fully load the largest grain carriers, Panamax and Cape Size, up to 120,000 tdw. It will also connect Constanta Port with the most important export markets for Asian cereals and will increase its importance in the region.

According to company estimates, buliding this terminal represents, in the first phase, developing Romania’s capacity to export cereal by over 3 tons, which will grow up to 10 tons. Moreover, the supplementary exploitation in Berth 80 will lead to the significant growth of the attractivity and profitability of the Constanta Port, as well as boost job creation.

The project is considered one of strategic importance and is included in the General Transport Master Plan of Romania, as well as in the Master Plan of Constanta Port.

Legal advising in the funding process was provided by Bucharest-based office Wolf Theiss Rechtsanwalte GmbH & Co KG, representing the funders, and by Mares, Danilescu & Mares, representing Comvex.

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