9 May 2014
Business cooperation with NLB gives TPV d.d. a solid basis for successful restructuring of the company
In April this year NLB agreed with the company TPV d.d. to refinance all their short-term loans by signing a new syndicated loan contract for which NLB has also assumed the role of the agent. By doing that the company has been given a solid basis for successful restructuring.
When signing the contract Jaka Tomažič, Director of Large Corporate Centre, said: "The new loan and refinancing will give the company the liquidity that they need and the right repayment schedules for their long-term loans, which will enable the company to have a stable performance and it will make it easier for them to achieve their future goals. The plans presented by the company, good cooperation with the customers and the fact that they are recognised as a reliable supplier lead us to believe that the company now has a good basis for successful financial restructuring and further operations."
Vladimir Gregor Bahč, President of the Management Board of TPV d.d. then told us a bit more about user expectations: " TPV d.d. has successfully closed an agreement with the banks to obtain a long-term loan for working capital and rescheduling of their financial obligations. Over the past few years TPV has been successful in getting new business, which was financed from our own resources and proved to be a great burden for our liquidity. Long-term investment loans from the past became yet another financing burden because of unbalanced repayment schedules. A comprehensive due-diligence that was conducted together with an independent auditing company and the banks that we work with showed good long-term results of the TPV Group. Based on these findings we made a long-term plan for repayment of financial obligations of the company and we agreed a long-term and short-term repayment schedule aiming at full recovery of the banks and good conditions for the companies from the TPV Group to run their business as normal, divest and maintain production assets and deliver new projects."
On 18 April this year NLB signed refinancing of all their long-term loans totalling EUR 13.398 million until 2021 with TPV. Loan refinancing was part of the agreement reached among the largest banks creditors of TPV, which also approved refinancing of all of their loans to the company (apart from NLB also SID banka, Banka Koper and DBS).
A syndicated loan contract worth EUR 3 million was also signed with the company on 22 April this year. The process was coordinated by NLB, which also acts as an agent. The share of NLB in this loan amounts to EUR 1.6 million or 53.4%. All other biggest banks creditors of the company also participated in the syndicated loan: SID banka, Banka Koper and DBS. The loan will be used to finance the working capital the company needs within the investment into the Edison project. Currently this is the largest investment of the company for production of parts of the new car in Revoz designed by Renault and Daimler.
NLB Corporate Communications