Ciolan of Ambient takes out 5m euros from nine banks

Sibiu-based Ambient, one of the largest construction materials distributors, controlled by businessman Ioan Ciolan, has secured a 4.6 million-euro loan from a consortium of nine partner banks, in view of refinancing a debt to Credit Europe Bank and of making payments to suppliers.

The shareholders of the firm, who control a network of 15 distribution centres, mostly in Transylvania, decided to "take out a new syndicated loan facility over a maximum of 12 months amounting to up to 4.6 million euros, granted by Banca Comercială Română, Banca Transilvania, Piraeus Bank, Alpha Bank, Raiffeisen Bank, BRD-GSG, Royal Bank of Scotland, OTP Bank and Bancpost, in order to refinance debts to Credit Europe Bank, pay suppliers, and cover costs of the syndicated loan," according to an announcement published in the Official Gazette.
Ambient representatives specified they resorted to nine banks to get this loan because this was the "procedure" for securing "new money", with partner banks having their set quota of contribution to the syndicated loans.