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Syndicate closes for Polish glass manufacturer
The European Bank for Reconstruction and Development (EBRD) announced that it has closed syndication on its US$ 43.1 million loan to Huta Szkla Jaroslaw S.A., the leading Polish glass container manufacturer, with six international commercial banks.
Noreen Doyle, Head of Commercial Co-Financing at the EBRD, said: "This has been a very successful syndication for the EBRD which acted as sole arranger. Demand was extremely strong and the loan was heavily oversubscribed, providing clear indication that there is a growing demand amongst prime banks for limited recourse project debt in Poland."
The six banks in the syndicate are Banque Nationale de Paris, Citibank N.A., Kredietbank N.V., Rabobank Nederland, Societe Generale and Westdeutsche Landesbank Girozentrale.
The proceeds of the loan are being used to finance the rebuilding of four furnaces, the purchase of new bottle making equipment and the installation of a cooling water treatment plant. Huta Szkla Jaroslaw is situated in Jaroslaw, a town in south-eastern Poland. It has the potential to become a leading international manufacturer of glass containers.
Owens-Illinois, Inc., the world's largest producer of glass containers, has approximately 36% of the share capital through its Polish subsidiary, OI Poland Inc. Three fund management companies, Capital's New Europe East Investment Fund, Invesco and the Polish Private Equity Fund have approximately 40%. The Polish State Treasury and the employees own the remaining shares.
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