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| Vienna Capital to Borrow Against 21.5% of Borsodchem to Expand |
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Vienna Capital Partners, an Austrian investment company, will use its 21.5 percent stake in Hungary's Borsodchem Rt., as collateral for a loan from HSBC Holdings to finance further investments in Eastern Europe.
Vienna Capital borrowed 100 million euros ($131 million) from HSBC, the company said in an e-mailed statement today. The stake in Borsodchem, Eastern Europe's largest maker of PVC plastic is worth 40 billion forint ($210 million), based on today's market price.
Vienna Capital in October sold 63 percent of the Hungarian company to the public, raising 88 billion forint in the biggest- ever sale by a private investor in the region, taking advantage of Borsodchem's growth in the previous four years amid surging demand for chemicals. The investment company bought a majority stake in Borsodchem in a 2000 public bid.
The loan allows Vienna Capital “to take part in the further growth of Borsodchem,” Senior Partner Heinrich Pecina said in the statement. It also will allow Vienna Capital “to be able to react with flexibility to the excellent investment opportunities in the Central and Eastern European region.”
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Source: Bloomberg |
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