Brief: Pierrel signs 0.7 mln euro financing agreement

Pierrel SpA

04/05/2016 06:54

May 4 (Reuters) - Pierrel SpA  PRL.MI : 
    * Said on Tuesday that its board approved to sign a 
financing agreement for up to 0.7 million euros ($803,740.00) 
with Petrone Group Srl (PG) 
    * PG is part of the Fin Polisippo group, owner of a 36.4 
percent stake in Pierrel, and therefore acts as related party in 
the financing agreement 
    * The transfer with recourse from Pierrel Pharma Srl to PG 
of the VAT credit that tax authorities owe to Pierrel Pharma for 
0.75 million euros acts as the guarantee of the loan 
    * Pierrel Pharma Srl is a Pierrel unit 
    * Loan has an interest rate of 5 percent per year and must 
be repaid by Dec. 31, 2017 
 
     
  
     
 Source text for Eikon:  urn:newsml:reuters.com:*:nBIA03387 
     
 Further company coverage:  PRL.MI   
    
 
 
 
($1 = 0.8709 euros) 
 
 (Gdynia Newsroom) 
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