ING Bank to provide Termoelectrica loan

The Dutch bank ING Bank won the tender for the granting of a loan worth 190 million euros to thermal and electrical power producer Termoelectrica, sources close to the deal told Ziarul Financiar. The destination of the funds is the reimbursement of a loan contracted from the state, which was used for the payment of another debt – namely, the bond issue of 2001. “ING Bank’s bid was designated as the tender winner and the bank is to grant the money to Termoelectrica by the end of September, on the basis of a five-year loan with a two-year grace period,” the above-mentioned sources said. The financing is entirely guaranteed by the state. Contacted by Ziarul Financiar, Termoelectrica’s officials had not offered any response by the time of going to print. ING Bank is one of the international banks with a high exposure to Romanian state-owned companies, with credited companies including Termoelectrica and Electrica. ZF