SNR borrows $70m from Deutsche Bank and Raiffeisen Bank

The National Radio-communication Company (SNR) SA has contracted financing worth about $70 million from Deutsche Bank and Raiffeisen Bank, according to market sources. The loan is guaranteed by the Romanian State and will be used to modernise the broadcasting capabilities for the national television channels TVR 1 and TVR 2. Deutsche Bank has granted approximately 35 million dollars, with the rest coming from Austrian bank Raiffeisen. This is one of the biggest state-secured loans contracted on the Romanian market this year. Another significant loan was granted by German banks HVB and West LB to CFR Calatori (National Railways for Passengers). The Romanian company borrowed 56.5 million euros to import 21 locomotives from Germany. ZF