ZAGREB, Nov 20 (Hina) - Croatia's pharmaceutical giant Pliva has signed a $85 million loan agreement with the European Bank for Reconstruction and Development (EBRD) and the International Financial Corporation (IFC).
ZAGREB, Nov 20 (Hina) - Croatia's pharmaceutical giant Pliva has
signed a $85 million loan agreement with the European Bank for
Reconstruction and Development (EBRD) and the International
Financial Corporation (IFC).#L#
Pliva said on Monday the agreement was signed later last week. The
loan is intended for the construction and equipping of the
company's new research institute in Zagreb, which should become
operational during 2002.
The loan has three parts, with the first a $50 million direct loan
EBRD and IFC have granted for seven years and with a 18-month grace
period. The second, a $25 million loan by Pliva's consultant in the
transaction, Bayerische Hypo und Vereinsbank, has been granted for
six years and a 18-month grace period. The third part is a $10
million convertible part of the IFC loan, granted for six years.
The average interest rate for the entire arrangement is LIBOR
(London Inter-Bank Offered Rate) plus 145 points.
According to Pliva, the new research institute will increase the
company's research capabilities and efficiency in discovering new
chemical entities, as well as in the development of genetic
medicines with added value.
The new institute will be adjusted to the most demanding
regulations and standards for the development of new
pharmaceutical forms.
(hina) ha