Brussels, Belgium - Recticel has taken out a Euro 230 million ($336.6 million) loan, repayable over five years, to refinance its outstanding debts.
The loan will be financed by ten European Banks, including Fortis, KB, ABN AMRO Bank and Commerzbank.
In a 4 Feb statement, Recticel said that, despite the current adverse credit market situation, it managed to obtain improved credit terms compared to those of the syndicated loan which it took out in 2004.
According the company, this agreement is the final stepping stone in refinancing the group, and consequently "offers the necessary guarantees to safeguard its future growth."
The transaction is expected to close by the end of February 2008.