Property
Duna House signs EUR 7.4 million loan agreement with Raiffeisen
Duna House has signed a loan agreement with Raiffeisen Bank Zrt. on 2 July 2019 with HUF 2.368 billion general purpose loan for seven years. The aim of the borrowing is to finance the company`s acquisition plans and general liquidity needs, it said in a statement on the website of the Budapest Stock Exchange (BSE).
The loan is provided at market rate, with a 3-month variable interest rate. The drawdown period was set to nine months. The main guarantees are a mortgage on the own investment and operative real estate portfolio, pledge on the Hungarian core operation subsidiaries, and intra-group warranties
The main commitments relating to the loan are that changes to the Articles of Association require the bank`s approval, dividend is capped at current dividend policy, founders keep at least 50%+1 share in the company, Net bank loan / EBITDA below 3.0x.
The loan is provided at market rate, with a 3-month variable interest rate. The drawdown period was set to nine months. The main guarantees are a mortgage on the own investment and operative real estate portfolio, pledge on the Hungarian core operation subsidiaries, and intra-group warranties
The main commitments relating to the loan are that changes to the Articles of Association require the bank`s approval, dividend is capped at current dividend policy, founders keep at least 50%+1 share in the company, Net bank loan / EBITDA below 3.0x.