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January 23, 2019 12:00 AM

PCC Rokita wins expansion loan from EIB

Simon Robinson
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    Brzeg Dolny, Poland – The European Investment Bank will lend PCC Rokita up to EUR 45m.

    Rokita will use the money to invest in and modernise chemical plants including a pilot plant to develop polyols and a Centre for Innovation and Process Scaling. The Centre will work out how to expand existing infrastructure for larger scale production.

    The loan must be activated within 18 months and will be paid in up to four portions. Repayments can be between 4 and 12 years. Interest rates will be decided when each portion is taken.

    PCC has made a number of promises to the bank. Firstly, that dividends will not exceed net profits unless EIB agrees. Rokita also promises that ratio of net debt on the company's books will not exceeded EBITDA by 3.7x.

    The EIB has also promised that it will not call in the loan early unless one of these conditions is broken. In which case, it may demand payment of the capital, interest and compensation.

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