Premier Energy obtains the reduction of the interest and the annual payment of a loan of 80 million euros

Premier Energy, the last issuer listed on the Main Market of the Bucharest Stock Exchange (BVB), revised an 80 million euro loan with J&T Banka by reducing the interest rate and the annual amortization payment of the loan, according to a report by the infrastructure company energy published, yesterday, on the website of the Bucharest Stock Exchange (BVB).

Thus, the interest rate was reduced from EURIBOR + 4.9% to EURIBOR + 3.75%, and the annual amortization payment was reduced from ten million euros to six million euros, a change that will come into force once with the payment of installments related to the loan starting in 2025. "Additionally, the maturity date of the loan has been extended from June 30, 2027 to June 29, 2029. As part of this review, Premier Energy has made an early repayment of the loan in the amount of ten million euros. With the early repayment together with the scheduled installment (amortized payment) due on June 30, 2024 of ten million euros, the remaining amount to be paid related to the loan will be reduced to 60 million euros starting at the end of this month," the report states.

According to the May public offering prospectus, the J&T credit facility had been secured by a corporate guarantee from Emma Alpha Holdings Ltd, as well as a mortgage on Premier Energy PLC shares held by Emma Alpha Holdings Ltd. As part of the initial public offering, which materialized through the listing of the company on the BSE, the corporate guarantee and the mortgage on the shares of Premier Energy PLC were released in exchange for an agreement to create a guarantee on the shares held by Premier Energy in Joseco Holdings Co. companies. Limited and Ligatne Limited, yesterday's report from BVB also states.

In addition, Ecoenergia SRL, a subsidiary of the Premier Energy group, fully repaid the credit lines contracted from Vista Bank (Romania) and Credit Agricole Bank Romania. Credit lines totaling 22 million euros had approximately 15 million euros remaining before full repayment.

"The decision to review the loan facility with J&T Banka, as well as the early repayment of the loans received by Ecoenergia, is in line with the Group's strategy to optimize the capital structure and increase shareholder value," Premier Energy's BVB report states.

The company's shares debuted on our stock exchange on May 28, ending last week at the price of 21 lei per share, almost 8% above the offer price of 19.5 lei. Emma Alpha Holding owns 71.2% of the vertically integrated energy infrastructure company, whose stock market valuation amounts to approximately 2.6 billion lei.