16 February 2011 16:27 [Source: ICIS news]
PRAGUE (ICIS)--Ciech has secured financing from the EU-backed European Bank for Reconstruction and Development (EBRD) which should help it to restructure in preparation for a privatisation relaunch, Poland's largest chemical group said on Wednesday.
The EBRD has given its final assent to up to zloty (Zl) 300m ($103.1m, €76.3m) of financing in the form of a euro-denominated investment credit, it added.
“The EBRD financing will support Ciech in its funding needs for capital investment, including environment and energy efficiency projects, and will offer a natural hedge for the group's long foreign exchange exposure," said Ciech's chief financial officer Rafal Rybkowski.
"The EBRD’s participation in the transaction is a crucial element in providing Ciech with a complex and robust financing package,” he added.
Lucyna Stanczak, EBRD Director for Poland, said: "We believe that our financing will prepare Ciech for further eventual privatisation. We are especially encouraged by the government’s strong commitment to this process and expect its successful implementation in the near future.”
($1 = Zl 2.91, €1 = Zl 3.93)To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections