The chemicals company PCC Rokita have obtained financing from the European Investment Bank. The funds will be spent on a project to cover expansion and modernisation of chemical plants.
On 22 January 2019, PCC Rokita SA signed a loan agreement with the European Investment Bank (EIB), under which the bank provided the company with EUR 45 million available in a maximum of 4 tranches. The financing period may be 4 to 12 years – this will be determined separately for each tranche at the company’s discretion. The agreement with the EIB provides for a number of obligations, which include a duty to maintain the contractual level of financial indices or dividend payment restrictions.
The agreement made by PCC Rokita is an expression of EIB’s favourable assessment of our financial position as well as the reliability of our investments, says Wiesław Klimkowski, President of the Board at PCC Rokita. We should emphasize that the projects funded by the EIB are innovative and environmentally friendly, and safeguard long-term growth and the generation of new jobs, Klimkowski adds.
The company will allocate the funds to projects with an aggregate value estimated at EUR 110.5 million. They will include the expansion and modernisation of such chemical plants as the pilot plant for polyol development, the pilot plant for phosphate and phosphite production, projects involving the expansion and optimisation of manufacturing processes using electrolysis and the propylene oxide plant, construction of the Process Innovation and Scaling Centre, as well as other projects aimed at adapting the existing facilities to the increased activity scale.
In the recent years, PCC Rokita has developed a favourable structure for financing its business. It is based on the receipts from bond issue, credit facilities, loans and other forms of funding, says Rafał Zdon, Vice-President of the Board. Given the currently available financing sources and the continuous growth of the company, we have decided to launch a long-term cooperation with a stable financial partner, the European Investment Bank, Zdon adds.