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PannErgy signs HUF 2.85 bln credit agreement

Banking

Listed alternative energy company PannErgy said it entered into a HUF 2.85 billion credit facility agreement with a consortium of CIB Bank and UniCredit Bank Hungary, according to a release on the website of the Budapest Stock Exchange.

The firm said that the financing would be used for development and expansion investment projects currently underway or planned for the next two years.

Under the agreement, PannErgy and its lenders may select from the loan product "best suited to the particular investment project" from among loan programs of the National Bank of Hungary (MNB) and Magyar Eximbank, depending on availability and market loans.

The maximum maturity of loans drawn down as part of the facility is 2030. The loans will be denominated in forints, "for the most part," and in euros, "to a lesser extent."

The average effective annual interest rate on the loans is expected to be in the 2-2.5% range, PannErgy said.

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