January 3 (SeeNews) – Romanian organic farming products company Norofert [BSE: NRF] said that it has signed a 7 million lei ($1.53 million/1.4 million euro) loan deal with local lender Exim Banca Romaneasca .
The loan will be used to finance working capital needs, including the purchase of raw materials, materials, and goods, as well as general expenses related to the company’s current operations, Norofert said in a report filed with the Bucharest Stock Exchange last week.
The loan has a term of 48 months including a grace period of 12 months and a variable interest rate equal to the 6-month ROBOR reference rate valid on the date of signing the contract plus an interest margin 2.50% per year.
Established in 2000, Norofert is the main producer of organic fertilizers in Romania. It has three business lines: production of inputs for organic and conventional agriculture, organic farming and grain trading.
Norofert shares traded 2.24% higher at 4.57 lei as at 1203 CET on January 3 on the Bucharest bourse.
(1 euro=4.97277 lei)
