Media Note: €164m of debt finance secures Romania’s largest direct lending deal

Chimcomplex S.A. Borzesti has raised a record €164m from international lenders for the acquisition of the assets of Oltchim SA out of insolvency to create the market-leading chlor-alkali* producer in Romania.

Deloitte’s pan-European teams - Alternative Capital Solutions in the UK together with the Corporate Finance team in Romania, advised Chimcomplex on raising the €164m debt finance. This was secured from VTB Bank Europe SE, Frankfurt, and The Special Investment Unit of Credit Suisse AG, Zurich, to fully debt fund the acquisition of Oltchim, a Romanian chemical company.

Floris Hovingh, UK partner leading the Deloitte deal team, said: “This is one of the largest direct lending deals in the South-Eastern European debt market and, importantly, a historic milestone in the evolution of the Romanian chemical sector. The deal demonstrates that international banks continue to be competitive in bilateral transactions, despite fierce competition from alternative, non-bank lenders who have recently raised record levels of capital. With both banks and non-bank lenders under pressure to deploy capital, this deal highlights their appetite to enter new markets and the potential benefits available to corporate borrowers.”

The transaction combines two of the largest chemical companies in Romania – Chimcomplex S.A. Borzesti and the assets of Oltchim S.A. The deal will reinvigorate the chemicals industry in Romania and at the same time secure over a thousand local jobs.

View Deloitte’s Alternative Lender Deal Tracker.

End

Note to editors

*Chlor-alkali is an industrial process for the electrolysis of sodium chloride. It is the technology used to produce chlorine and sodium hydroxide (lye/caustic soda), which are commodity chemicals required by industry.

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.

Member of Deloitte Touche Tohmatsu Limited