Published: July 14, 2014
Slovenian white goods manufacturer calls on support of domestic banks.
Gorenje, a Slovenian manufacturer of white goods, has secured a syndicated loan worth €55mn (US$75mn). The funds have a tenor of seven years and will go towards international expansion, research and development, and general corporate purposes.
Unusually, the loan was provided by six domestic banks - NLB, SID Banka, Banka Koper, Nova KBM, Abanka Vipa, and Gorenjska banka - with NLB offering the largest tranche, worth €15mn. NLB was also bookrunner and agent on the deal.
Gorenje has spent the past two years going through a process of deleveraging, relocating some of its manufacturing operations and selling off its non-core furniture business. It reduced its debt by €20mn in 2013 and plans to cut it by a further €25mn by the end of this year.