Gostomel Glass Gets $59m EBRD Loan.
9 August 2008
The final loan agreement, announced yesterday, was slightly less than the $68m announced by the EBRD in May. The EBRD said Gostomel Glass (GSKZ: BUY) would use the money to increase production by 40% to 750m units per year, and to decrease energy consumption by 33%. The loan will be disbursed in two stages and part will be syndicated with commercial banks. Olha Pankiv: The EBRD’s press release differs from a plan announced by GSKZ earlier this year, which included an upgrade of two of its four furnaces to increase capacity by 7% by the end of 2006, and a new, fifth furnace to boost capacity by 80% by the end of 2007.
