ELANA AgroCredit acquired BGN 3 mln. loan from Societe Generale Expressbank

On 18 December 2014 ELANA AgroCredit concluded a loan agreement with Societe Generale Expressbank for the amount of BGN 3 mln. (EUR 1.54 mln.), which will be used for the core business – farmland purchases for financial leasing contracts withagricultural producers.

The loan funds will be returned by 30 June 2015 and the interest rate is 1-month SOFIBOR with addition of annual 3.10%.

ELANA Agrocredit has an option to extend the loan repayment till 31 October 2017 in case funds from the planned capital increase in Q1 2015 are not used for that.
The company has already made farmland purchase deals for about BGN 13 mln. (EUR 6.54 mln.) for financial leasing contracts with agricultural producers. Land has been purchased in 19 regions of the country.