US Fund Gramercy Funds Prista Oil Expansion with EUR 60 M Loan

Business | June 1, 2007, Friday // 00:00

US investment fund Gramercy Emerging Market Fund (GEMF) will extend Bulgarian motor oils producers Prista Oil a credit line for EUR 60 M to fund the company's expansion.

The loan can be used for acquisitions, capital expenditures and working capital, according to a statement by battery maker Monbat to the Bulgarian Stock Exchange, where it is listed.

Prista Oil is the majority shareholder in Monbat, while Gramercy is a minority shareholder in Prista Oil with a stake of 25%.

The loan will be guaranteed with a 75% stake in Monbat, shares owned by Prista Oil and Monbat Trading.

Prista Oil has subsidiaries in eight eastern European countries and is a former regional partner of US oil major Texaco.

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