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Pannonplast signs new loan contract with better conditions

The Pannonplast group has signed a new loan agreement with OTP Bank Rt to replace its syndicated loans signed in June 2004, Pannonplast announced on Thursday. The new loan contract has "considerably" better conditions, Pannonplast added. The company signed a contract on a Ft 8.5 billion credit line with CIB Bank, K&H Bank and OTP Bank in the summer of 2004. This contract was to restructure and refinance three-year loans maturing in October last year, which had been extended several times. At the end of September, the Pannonplast group had short-term loans worth Ft 5.5 billion, double their level one year earlier.