Wroclaw, Poland — Selena Group, which makes a wide range of polyurethane-based construction chemicals has secured a loan to help with working capital.
The company has agreed with a consortium of banks that it can borrow up to PLN 70m ($19 m) until July 2021, when the agreement will expire. The loans are secured on real-estate owned by a number of Selena group firms and a number of other pledges of inventories and a promissory note.
The loan is available in PLN and EUR. The rate for PLN borrowing is based on the Warsaw Interbank Offer rate; EUR borrowing is based on the Euro Interbank Offered Rate.
Selina said the PLN 70m loan accounted for around 21% of the credit lines held by itself and its subsidiaries in banks