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Published: 17 april 2012 12:20

Lithuania's starch maker Amilina extended 84-million-euro bank loan

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„Scanpix“ nuotr. / Starch production

Three Lithuanian banks - Nordea, DNB and Swedbank - are expected to sign a contract with the starch producer Amilina on Tuesday, agreeing on a 182-million-litas (EUR 52.75 m) syndicated loan to be used for investment, with the total financial package to amount to 289 million litas, the business daily Verslo Žinios reports on Tuesday.

This will be one of the largest syndicated loans extended to a business this year, it wrote.

Nordea will provide 50 percent of the seven-year syndicated loan, and DNB and Swedbank will contribute the remaining 50 percent, according to the paper.

"The banks' total financial package, including the 182-million-litas loan, a short-term credit line and a factoring limit, will reach 289 million litas. Amilina's shareholders will not have to make any contributions, because the company has earned sufficient capital, and Roquette strengthened it half a year ago by adding 52 million litas to the capital," Amilina CEO Mindaugas Gedvilas was quoted as saying.

He said that the solid financial injection would allow the company to increase its grain processing output from the current 240,000 tons per year to 480,000 tons per year, accounting for about 27 percent of the country's total wheat harvest, within the next three years.

Amilina, which is based in Panevėžys, in northern Lithuania, posted an 8.5 percent increase in revenues compared with the previous half-year ended 31 March 2011.

"We expect to reach our annual targets, with revenues expected to grow to 310 million litas, net earnings to 11.5 million litas, and EBITDA to 32 million litas," the CEO said.

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