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KEG signs credit agreements with Raiffeisen Bank

KEG Közép-európai Gázterminál Nyrt. (KEG Central European LPG Terminal Plc) on Wednesday said that it signed a new credit limit agreement and annexes with Raiffeisen Bank on August 23-24.

The new agreement allows the company to fulfill its credit agreements existing since 2006 in a more favorable structure and ensures the opening of a major new bank guarantee limit and letter of credit for the development of KEG's export activity.

KEG said in its 2010 annual report that it was in advanced talks with its financing bank to restructure its loans.

As of the end of 2010, KEG had investment loans worth HUF 272 million and other long-term loans worth HUF 126 million outstanding. It also had HUF 250 million in short-term current assets loan.