During the 1Q 2021, Arctic Paper refinanced its paper operations. This means that previous bond loans and other credits are replaced with loans and credits totalling PLN 300 million ($77 million) from a consortium led by Santander.
“This is a long-term solution for Arctic Paper's financing that covers our needs for the next five years on market terms,” says Michal Jarczyński, CEO, Arctic Paper S.A.
The agreement with the three banks Santander, BNP Paribas and Pekao includes a five-year loan of PLN 150 million ($38.5 million) at an interest rate of EURIBOR / WIBOR plus 1.8%, a five-year revolving credit facility of PLN 150 million ($38.5 million) at an interest rate of EURIBOR plus 1.6% and factoring of up to PLN 80 million ($20.5 million).
Arctic Paper S.A. is one of the leading producers of high-quality graphical fine paper in Europe and consists of three paper mills.
