The Croatian oil company INA, jointly owned by the Croatian state and Hungary's MOL oil and gas company, signed with a bank syndicate in Vienna on Wednesday an agreement on a long-term revolving loan in the amount of 300 million US dollars, to be used for general financing purposes.
The loan has a maturity of three years, with a possible 1+1 year extension. It has a variable interest rate and a current margin of 165 basis points. The contract was signed by INA Management Board chair Zoltan Aldott and Management Board member Niko Dalic.
The bank syndicate consists of CIB Bank/VUB Banka/Privredna banka Zagreb; Erste&Steiermaerkische Bank; Societe Generale - Splitska banka/ Societe Generale; Zagrebacka banka/Unicredit Grupa; and OTP Bank, ING Bank and Raiffeisenbank Austria/Raiffeisen Bank.
INA officials said that the loan terms were more favourable than the terms under which the state was currently borrowing on foreign markets and at a margin about 200 basis points lower than the margin on loans granted earlier this year to the HAC motorway operator and the Agrokor food concern.
INA will use the loan to finance various projects, primarily those concerning exploration and production, improvement of efficiency and a possible expansion of its regional retail network.