Bov loans €120 million to Enemalta Corporation
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Bank of Valletta has signed a loan agreement of €120 million with Enemalta Corporation following discussions between the two organizations. €100 million was made available to re-finance existing international debt while the remaining €20 million will be utilized by the Corporation to finance capital investments.
The loan agreement was signed by Tonio Depasquale, CEO of Bank of Valletta and Alex Tranter, Chairman of Enemalta Corporation.
Speaking during the signing ceremony Mr. Depasquale said, “Following Malta’s adoption of the euro and the Bank’s decision to peg its Base Rate to the ECB intervention rate, Bank of Valletta is in a very good position to offer credit facilities at extremely competitive prices”.
He added that Bank of Valletta was able to offer Enemalta Corporation the best combination of low cost financing and flexibility, resulting in an attractive financial package that best suited Enemalta Corporation’s requirements. “We are very pleased to win this business from Enemalta especially bearing in mind that in 2005 the Corporation had opted to re-finance its borrowing portfolio on the international market at very fine rates. This deal confirms that Bank of Valletta is very competitive, even internationally”, concluded Mr. Depasquale.
Enemalta has been able to significantly reduce its potential interest costs with this new financing arrangement”, said Ing. Tranter. “This is of direct benefit to the Corporation and the agreement we have reached with Bank of Valletta continues to consolidate our financial position, enabling us to take advantage of new opportunities through our operations,” he added. “We are pleased to continue building on the solid relationship that Enemalta has with Bank of Valletta, to the mutual benefit of both organizations,” concluded Ing. Tranter.
Also present were John Soler, Chief Officer, Credit and Charles Borg, Chief Officer, Financial Markets & Investments for Bank of Valletta and David SpiteriGingell, Chief Executive Officer and Pippo Pandolfino, Chief Financial Officer for Enemalta Corporation.
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So hopefully with such favourable terms to this loan for Enemalta, the surcharge won’t have to be raised, or maybe will even be lowered?