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<p align="center"><b>PLIVA signs USD 85 m Credit Facility Agreement with EBRD |
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and IFC</b></p> |
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<p> PLIVA d.d.(PLIVA) today announced that it signed a credit facility agreement |
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(The Agreement) with the European Bank for Reconstruction and Development (EBRD) |
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and the International Finance Corporation (IFC) on 17 November 2000.</p> |
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<p> The loan will be used for the construction and equipment of PLIVA s New Research |
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Institute (NRI) in Zagreb, whose construction is currently underway and which |
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is expected to be operational by the end of 2002. The NRI should significantly |
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increase PLIVA s capacity in research and development, improving its efficancy |
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in the discovery of new chemical entities as well as development of generic |
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drugs with added value. In addition, this facility will enable PLIVA to meet |
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the highest regulatory standards in development of new pharmaceutical forms.</p> |
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<p> The total negotiated facility amounts to USD 85 m, which is composed of three |
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parts. The first part of the facility represents a direct loan from EBRD and |
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IFC in the amount of USD 50 m, with a maturity of 7 years and grace period of |
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18 months. The second component represents a loan provided by Bayerische Hypo-und |
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Vereinsbank, PLIVA s advisor in the transaction, in the amount of USD 25 m, |
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with a 6 year maturity and 18 month grace period.The third portion represents |
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a convertible loan from IFC (principal convertible into PLIVA treasury shares) |
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in the amount of USD 10 m, with a 6 year maturity. The average cost of the credit |
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facility will be LIBOR + 145 basis points.</p> |
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<p> Following signing of the Agreement, Zeljko Peric,PLIVA s Chief Financial |
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Officer, commented: We are very satisfied with the terms of the Agreement, |
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which we believe clearly demonstrate our creditors long term faith in PLIVA. |
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Furthermore, given that the credit is unsecured, we find the price and maturity |
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of the loan very attractive.</p> |
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<p> For additional information, please contact: </p> |
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<p>Erika Kaspar <br> |
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Vice President, Corporate Affairs and Communications<br> |
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Tel: 385 1 6120 755 <br> |
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Fax: 385 1 6114 413 <br> |
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E-mail: <a href="mailto:erika.kaspar@pliva.hr">Erika.Kaspar@pliva.hr</a></p> |
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<p> Marija Mandic<br> |
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Financial Analyst<br> |
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Tel: 385 1 6160 355<br> |
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Fax: 385 1 6120 634<br> |
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E-mail: <a href="mailto:marija.mandic@pliva.hr">Marija.Mandic@pliva.hr </a></p> |