Raiffeisen Bank and EximBank have granted a financing of 33.6 Million Euro to Comvex S.A. for a strategic project in Constanta Port

Bucharest, May 22, 2017 – Raiffeisen Bank, as Arranger and Lender, and EximBank Romania as Lender have signed at the end of last week a financing agreement amounting at 33,6 Million Euro with Comvex S.A., for financing the project Grains Terminal in Constanta Port, Pier 80. The financed amount is equally subscribed by the two banks, respectively 16,8 Million Euro each. The investment credit granted by the banking consortium includes in the guarantees mix an 18.2 Million Euro guarantee issued in the name of and on the account of the Romanian State.

The financing, granted for 10 Years, will support the development and processing by Comvex SA of a Grains Terminal of 200.000 tons capacity, a total investment of 45 Million Euro. In addition to the financing from the banks, Comvex S.A. has raised funds from the capital market that facilitated a contribution of more than 8 Million Euro.

The terminal will be built on Pier 80 of Constanta Port, the deepest Pier in Black Sea and will be a benchmark for Romania since it will create the possibility of charging at the fullest of the biggest grain transporter ships such as Panamax and Cape Size, up to 120.000 tdw. The facility will also connect Constanta Port with the most important export markets for grains in Asia and will increase the port importance in the region.

According to the company’s estimates building of this terminal will contribute, in the first phase, to an increase in Romanian grains exports with more than 3 Million tons, reaching 10 Million tons at the end of the project. Additional processing in Pier 80 will increase the operational and profit profiles of Constanta Port and will create new high qualification employment opportunities.

The project has a strategic tenure and is part of the Romanian General Transport Master Plan, approved by Government Decision 666/2016, and the Master Plan for Constanta Port, that is integrated in a development project of the railway infrastructure through the Operational Program Big Infrastructure (POIM).

The Bucharest Office of Wolf Theiss Rechtsanwälte GmbH & Co KG, on behalf of the lenders and Mareş, Danilescu & Mareş, on behalf of Comvex S.A. have provided the legal counselling services during the financing process.

About Raiffeisen Bank

Raiffeisen Bank is a leading general bank, offering a full range of products and services for retail, SMEs and corporate through various distribution channels: agencies, ATM and EPOS networks, phone-banking (Raiffeisen Direct), mobile banking (myBanking) and internet banking (Raiffeisen Online). The bank has a network of more than 478 agencies all over the country servicing more than 2 million customers, out of which almost 100.000 SMEs and 5.700 large and medium corporate.

About EximBank

EximBank has been actively involved for more than 25 years in supporting and promoting the Romanian business environment by endorsing the local companies’ projects. The banks has developed complex integrated solutions for exporters by supporting their activity in all stages – production, delivery, cashing in the counter value of exported goods through:

• FINANCING covering the production or delivery costs for export goods or services.
• GAUARANTEES issued in the name of and on the account of Romanian state, reducing the crediting risks and facilitating companies’ access to financing.
• INSURANCE POLICIES issued in the name of and on the account of Romanian state, covering the payments under export contracts against risks associated to the foreign partners and the target country.

•  FACTORING
•  TRADE FINANCE adjusted to the specific activity of each company – Documentary bill of credit; Letter of Banking Guarantee; Incasso; Documentary payment order.

• COMMERCIAL INFORMATION. 

Additional information at www.eximbank.ro or via e-mail informatii@eximbank.ro.