Duna House signs EUR 7.4 million loan agreement with Raiffeisen

Duna House Holding Plc. has signed a nearly HUF 2.4 billion (EUR 7.43 mn) loan agreement with Raiffeisen Bank Zrt., which will be partly used to finance acquisitions, the real estate agency holding announced on Thursday.
Duna House has signed a loan agreement with Raiffeisen Bank Zrt. on 2 July 2019 with HUF 2.368 billion general purpose loan for seven years. The aim of the borrowing is to finance the company`s acquisition plans and general liquidity needs, it said in a statement on the website of the Budapest Stock Exchange (BSE).

The loan is provided at market rate, with a 3-month variable interest rate. The drawdown period was set to nine months. The main guarantees are a mortgage on the own investment and operative real estate portfolio, pledge on the Hungarian core operation subsidiaries, and intra-group warranties

The main commitments relating to the loan are that changes to the Articles of Association require the bank`s approval, dividend is capped at current dividend policy, founders keep at least 50%+1 share in the company, Net bank loan / EBITDA below 3.0x.

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