The Arctic Paper Group has successfully completed the process of changing its financing structure for the paper business. The company has signed a term and revolving credit facilities agreement for PLN 31.3 million ($8 million) and Euro 52.4 million with a consortium of banks including Bank BGŻ BNP Paribas, Bank Zachodni WBK (part of Santander Group), and the European Bank for Reconstruction and Development (EBRD).
Meanwhile, the company has signed an agreement with Haitong Bank S.A. connected with a planned programme for issuance of bonds for up to PLN 150 million ($38.7 million).
Centralized financing will enable more efficient cash management and flexible adjustment of the level of financing of individual companies. The Group will achieve significantly increased competitiveness and will be able to improve its energy and resource efficiency.
Additionally, Arctic Paper will be able to continue to invest even more in new products at all its mills. As part of the refinancing plan, the Group’s mill in Kostrzyn will be upgraded under the EBRD’s Green Economy Transition approach to improve energy and waste efficiency. A future capacity increase at Arctic Paper Kostrzyn is also considered.
Arctic Paper S.A. is one of the leading manufacturers of high-quality graphical fine paper in Europe.
