SYNDICATED L
$ OAN
DUBROVNIK, Sept 19 (Hina) - The Croatian Electric Power Industry
(HEP) and a syndicate of 17 European and world banks from ten
countries signed a DM 120 million-worth syndicated loan agreement in
the south Croatian port of Dubrovnik on Friday.
The agreement was signed by Damir Begovic, HEP's managing
director, and Kevin Murray, a representative of the Paris National
Bank, on behalf of the bank syndicate.
With this agreement, HEP will appear on the world financial
market independently for the first time, since the syndicated loan
has been realized without demand for guarantees on the part of the
Croatian government. The loan repayment deadline is five years.
With this loan HEP will repay previous unfavourable short-term
loans, finance the reconstruction of the electric power network in
the Danube region of eastern Croatia, repair the power distribution
network in the Zagreb area, and invest in power distribution
activities, said Begovic.
Two leading world credit rating assessment agencies evaluated
HEP's credit capabilities as favourable, he concluded.
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