Europen Endustri (EUREN) has obtained a Turkish lira (TRY) 500mn (
The loan agreement was signed with government-run
The facility has a cost of Turkish lira overnight reference rate (TLREF) plus 1%. TLREF stood at 10% on
(Story chart: Lately, the lira deposit and consumer loan rates have boomed. Corporate loan rates remain flat.)
The central bank extends loans to companies under the Advance Loans Against Investment Commitment (Yatirim Taahhutlu Avans Kredisi/YTAK) scheme.
YTAK was launched in 2020 during the COVID-19 pandemic. About TRY 244bn has so far been extended under the scheme, representing a 3% share of the TRY 9 trillion (
(The figure for YTAK loans is provided on the central bank’s EVDS data tool under the CBRT Balance Sheet Data section. In the Central Bank Weekly Statement, the figure is labelled as "A811.Rediscount Credits TRY".)
Europen will use the loan to finance its investment to produce glass for photovoltaic (PV) solar panels.
In December, Europen signed a
The total investment cost amounts to TRY 1.4bn. Europen will finance the remaining sum via its equity.
In 2022, Europen sold a 20% stake for a consideration of TRY 549mn via a Borsa Istanbul initial public offering (IPO).
Currently,
Eskisehir-based Europen, launched in 1965, produces PVC, aluminium and glass items for the construction and white goods industries.
Table: Major YTAK loans.
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