Bulgaria's Elana Agrocredit signs 7.7 mln euro loan deal with Expressbank
Bulgarian financial leasing company Elana Agrocredit said on Tuesday that it has signed a 15 million levs ($8.4 million/7.7 million euro) loan deal with local bank Expressbank.The loan comprises a revolving credit facility of up to 5 million levs and an investment loan of up to 15 million levs for funding the expansion of the company's leasing portfolio, Elana Agrocredit said in a statement.The revolving credit line has to be repaid within 2 years of the contract signature date, while the investment loan can be repaid 8 years after the signing of the deal.The revolving credit line has an interest equal to Expressbank's reference interest rate plus 2.20%. The investment loan bears a fixed annual interest of 2.79%, or an interest equal to Expressbank's reference interest rate plus 2.25%.At the time of the contract signature date, Expressbank's reference interest rate was 0%.Elana Agrocredit has financed farm land acquisitions worth some 6.1 million levs so far this year.