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Efacec secures €45 million loan

 In Companies, Industry, News

The electrical and transport systems infrastructure company Efacec has secured a €45 million loan which will help it to meet its order book until a potential buyer can be found.

Novo Banco, CGD, BCP and Montepio signed a loan contract with the company on Friday with the banks getting a 80% State-backed guarantee.
The guarantee was worked out by Norgarante with an additional guarantee from the Mutual Counterguarantee Fund. The Portuguese development bank Banco de Fomento is said to helped set up the loan.
The four banks set up the new bank syndicate to finance the company on the back of the Covid-19 ‘Economic Aid Line: Industry and Tourism Exporting Companies’. The credit line had already been in existence and had been accepting applications until 18 January 2022 and has a lump sum of over €1Bn.
The loans have a 3-6 year maturity and a maximum spread of 1.85% with a 12 month grace period on capital repayments.
The contract signed between Efacec, the banking syndicate and the Banco de Fomento will provide additional support for the company until the completion of its privatisation process in order that the company has enough cash-flow to retain its operational capacity”.
An example is providing guarantees to its clients since Efacec is increasingly providing contracts in the international market which a 20 transformer unit project in Spain worth €30 million and a €20 million switchgear project in Italy with the Enel Group.


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