Friday, 14th December 2012, Ljubljana / Velenje, Slovenia

Gorenje floats a EUR 50 million long-term syndicated loan from Sberbank Europe

Gorenje, d.d., and Volksbank, d.d., signed on December 11 an agreement on a syndicated loan to be provided by the following banks of the Sberbank Europe Group: Volksbank, d.d., Slovenia; Volksbank Serbia; Volksbank Croatia; and Volksbank Slovakia.

The EUR 50 million long-term loan is a sign of confidence of the Sberbank Europe Group in Gorenje's strategy and successful pursuit of strategic activities such as restructuring of the manufacturing operations. These activities are aimed at improving the profitability of Gorenje operations.
This loan will not increase Gorenje's overall debt; rather, it will considerably improve its composition by maturity: the share of long-term loans at the end of the year will amount to two thirds, which means the maturity ratio will be the best since the onset of the economic crisis in 2008. At the same time, Gorenje's gross debt is decreasing. In the first nine months, it was reduced by EUR 28 million gross; additional decrease in debt is planned by the end of the year.
The maturity of the loan is five years.
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