Dutch bank ABN Amro is enjoying a solid end of the year on the Romanian financing market. By the end of 2004, the bank is to sign three lending contracts together worth 155 million dollars (120 million euros), according to banking sources.
The Dutch bank, which dominated the Romanian transactions scene until 1998, is gaining ground on the power market.
Two of the three mandates won represent financing to be granted to Distrigaz Sud and Distrigaz Nord, companies that have been credited in recent years by the US' Citibank. Added to this there is also the mandate to grant a loan of $75 million (57 million euros) to the Cogen Romania association grouping of 22 thermal and electrical power producers.
ABN Amro Bank Romania on Sunday officially announced it had been mandated to grant a loan of 50 million dollars (38 million euros) to Distrigaz Sud gas distribution company, with a grace period of 18 months and maturing in five years. The money is intended for the acquisition of power needed to cover winter consumption, with both Distrigaz Sud and other companies traditionally resorting to state guaranteed financing during this period.
"Distrigaz Sud is one of the strategic customers of our company. ABN Amro Romania has structured various types of financing for the acquisition of power resources and we consider our relationship with Distrigaz Sud to be a long-term partnership," said Henk Mulder, ABN Amro Bank Romania chairman.
The credit is guaranteed by the state, as are the other loans to be granted to Distrigaz Nord and Cogen.
Distrigaz Nord announced it would contract a loan of $30 million (23 million euros). According to the latest information available, the company will pay back the money over three years, benefiting from a grace period of 6 months.
On the other hand, Cogen Romania will contract a loan of $75 million (57 million euros) maturing in 6 years. Cogen Romania includes thermal power stations (CET) that were spin-offs from the structure of Termoelectrica in the wake of a massive restructuring carried in 2002. They were at the time transferred to be managed by local authorities. Cogen members include CETs of Arad, Brasov, Braila, Govora, Iasi and Oradea.
In 2003, ABN Amro was designated as the joint arranger of the syndicated loan worth 160 million dollars (142 million euros) intended for Electrocentrale Bucharest and of $40 million (35 million euros) intended for Termoelectrica SA. In 2002, the Romanian branch of the Dutch bank was the lead arranger of a syndicated loan of $150m (above 150 million euros).
adrian.mirsanu@zf.ro
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