KSG Agro restructured a loan with Landesbank Baden-Wuerttemberg (Germany)
KSG Agro Holding has concluded an agreement on the restructuring of credit debt with the German Landesbank Baden-Wuerttemberg (LBBW).
KSG Agro Holding has restructured its loan debt with Landesbank Baden-Wuerttemberg (LBBW). In accordance with the agreement concluded by KSG Agro and Landesbank Baden-Wuerttemberg (Germany), the debt of the agricultural holding to the German bank was restructured under a loan agreement dated Oct 29, 2012.
The agreement states that under the loan agreement 11.5 million euros were received, while the remaining debt is 8.3 million euros. As a result, 33% of the debt is subject to repayment by the agricultural holding, which amounts to 3.2 million euros.
LBBW loan funds were attracted by an agricultural holding with the aim of acquiring equipment manufactured by the German company Big Dutchman for the pig complex in village Niva Trudovaya (Apostolovsky district, Dnipropetrovsk region), owned by LLC “Rantye”, which is part of KSG Agro.
“The German bank LBBW has become the next international lender to give a hand to our agricultural holding, allowing to repay the debt with a high – almost 70% discount,” commented the deal the chairman of the Board of Directors of KSG Agro agricultural holding Sergey Kasyanov. – For us, successful restructuring means the release of working capital, which will be used to develop existing and start new projects in the field of crop production and pig breeding. This year, the settlement of credit debt issues will remain among our strategic priorities.”
Landesbank Baden-Wuerttemberg (LBBW) is a German international universal bank, which is included in the TOP-10 banks in Germany, being the largest land bank. It is controlled by the city of Stuttgart, land savings banks and the land of Baden-Württemberg. Headquartered in Stuttgart, LBBW is Germany’s largest public lender. As of the end of 2018, the bank’s assets amounted to 241 billion euros, and the number of employees exceeded 10 thousand people. The banking network includes 160 branches and service points in Germany and another 17 countries of the world, and the network of its correspondent banks reaches 2.8 thousand banks around the world.