Bulgaria's Billboard Signs 2.8 Mln Levs (1.4 Mln Euro) Loan Deal with BDB

Bulgaria's Billboard Signs 2.8 Mln Levs (1.4 Mln Euro) Loan Deal with BDB

Bulgarian printing and advertising company Billboard said it has signed a loan deal of up to 2.8 million levs ($1.6 million/1.4 million euro) with state-owned Bulgarian Development Bank (BDB).The company plans to use the proceeds of the loan to finance the acquisition of printing equipment as well as industrial and office properties from Bulgarian company Digital Print located in the city of Varna, Billboard said in a bourse filing last week. Billboard also intends to use part of the proceeds to refinance a loan extended by Eurobank in July 2017.The interest rate on the BDB loan is set at three-month EURIBOR plus 3 percentage points per annum but no less than a total of 4.5%. The loan will mature in 120 months. Billboard has also signed an agreement for a 960,000 levs 24-month credit line with BDB for the payment of local tax, notary fees and value added tax related to the purchase of the office properties. The credit line carries an interest rate of three-month EURIBOR plus 3 percentage points per annum but no less than a total of 4.5%.

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