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12 January 2017
Slovenske Elektrame plugs €220m refi

Holding Slovenske Elektrarne (HSE), the Slovenian state-owned power generation company, has agreed a €220m loan to refinance debt and extend its maturity profile.

VTB Bank Austria arranged the HSE loan. The mandated syndicate also comprised BNP Paribas, Raiffeisen Bank, Slovenian NLB Bank and Unicredit.

The tenor of the loan was not disclosed, but VTB said it was long-term financing. Previous financings by HSE have typically been between 4.5 years and seven years, according to Dealogic data. The last loan was a €150m revolving credit facility for four years, eight months, which the firm signed with Caixa Bank and Erste Group in April last year.

HSE is Slovenia’s largest power generation company by revenue, at €1.3bn in the past year. It is both an electricity producer and trader.

“The financing arranged by VTB has allowed the company to extend its maturity profile and meet HSE Group’s refinancing objectives set for this year,” said Riccardo Orcel, deputy chief executive officer of VTB Group and head of VTB International.

Orcel added that the transaction strengthened VTB’s presence in Slovenia and the central and Eastern Europe region, which the bank sees as one of its strategic markets and where it expects a busy pipeline of deals.

“Currently we are very active in the region, with projects in Romania, Macedonia, Serbia and Croatia,” he said. “We look forward to expanding our relationships with local clients through leveraging our EM expertise.”

In addition to the HSE loan, VTB has refinanced Slovenian ACH Group with a five-year €72m loan. ACH is an investment holding company with exposure to the recreational vehicle industry, hospitality, car distribution business, real estate and IT.
Corporate Communications VTB Capital