Estonia, Financial Services, Investments, Port, Transport

International Internet Magazine. Baltic States news & analytics Saturday, 11.07.2020, 19:53

Tallinna Sadam signs EUR 20 mln unsecured loan agreement with SEB

BC, Tallinn, 26.05.2020.Print version
Listed Estonian port company AS Tallinna Sadam has signed an unsecured loan agreement with AS SEB Pank for a total amount of up to 20 million euros with a maturity of five years, informs LETA/BNS.

The interest rate of the loan is six-month Euribor plus interest margin, Tallinna Sadam informed the stock exchange on Tuesday.

The loan can be drawn in two installments. The first loan tranche in the amount of 10 million euros can be drawn no later than on July 30, 2020 and the second tranche in the amount of 10 million euros no later than on Dec. 31, 2020. The final repayment term of the loan is May 26, 2025.

The funding will be mainly used for investments in the infrastructure of Old City Harbor, including the construction of the cruise terminal, parking house, the Admiralty channel bridge and the installation of the auto-mooring system.

Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, which in 2019 serviced 10.64 million passengers and 19.9 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries.

Of the subsidiaries of Tallinna Sadam, OU TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OU TS Shipping charters its multifunctional vessel m/v Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder in an associate AS Green Marine, which provides waste management services.

Tallinna Sadam group's sales in 2019 totaled 130.5 million euros, adjusted EBITDA amounted to 74.3 million euros and net profit to 44.4 million euros.

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