EBRD may issue senior secured loan worth $20mln for Turkish company
Azerbaijan, Baku, Nov. 13 / Trend /
The EBRD is considering providing a senior secured loan of up to US$ 20 million of to Sarten, a regional leading metal, PET and plastic packaging company, the bank reported.
This is a primarily a restructuring loan aimed at extending the maturity of short-term debt incurred to finance its long-term investments in 2010.
The envisaged project will condition the acquisition and full consolidation of Sarten's Bulgarian and Romanian operations, which are currently directly owned by the Saribekir family. This element of the Project will improve the transparency of the Company's ownership structure and thus will also enhance its corporate governance.
The Bank's Project will support one of the forerunners in the region in terms of development of cutting-edge technologies in the packaging industry.
It will have a demonstration effect by supporting a company willing to adopt best practice in the industry in respect pollution prevention and abatement.
The total project cost is $25 million.
The Company will provide the Bank with Annual Environmental and Social Reports (AESR) and notify on any material accidents or incidents. The Bank will evaluate the Project's environmental and social performance in accordance with the Bank's PR's through reviewing the Client reporting and undertake periodic monitoring visit
Sarten is the leading regional metal, PET and plastic packaging company. It is a family owned regional packing company which has 13 production plants in Turkey and the neighbouring countries. It has thrived to become the leader in the regional market by following its clients and investing in new production lines and being in the leading seat of research and development in the sector in the Black Sea region. Sarten is owned by the Saribekir family.