A syndicate of banks comprising Banca Comerciala Romana, EximBank and Banca Transilvania is extending to Pehart Tec Grup, Romania’s largest tissue paper producer, a multi-currency revolving credit facility worth EUR 24 million.

Details:

• The proceeds will be used to partially refinance Pehart Tec Grup’s existing loans and to cover working capital needs.
• The credit facility has a three-year maturity, with an option to extend for a further two years.
• Nestor Nestor Diculescu Kingston Petersen (NNDKP) acted as counsel to the syndicate, while Clifford Chance Badea, the local office of the international law firm Clifford Chance, advised the investment fund Abris Capital Partners and Pehart Tec Grup.
• Pehart Tec Grup was founded by businessman Ioan Tecar in 2007, and in 2015 the investment fund Abris Capital Partners acquired a controlling stake.
• The Group operates two production platforms, in Dej and Sebes, with annual capacities of 100,000 tonnes of tissue paper and 30,000 tonnes of finished product, respectively. Pehart Tec Grup’s products are sold in Romania and in Central and South-Eastern Europe.

Pehart Tec Grup has previously benefited from bilateral financings—from BT and another Romanian bank—totalling approximately EUR 19 million, to expand and modernise its production capacities.