Current Report 14 – Reverse Factoring and Repayment of Raiffeisen Loan

Bittnet Systems S.A. (hereinafter referred to as “the Company”) informs the shareholders about the successful undertaking of the following operations regarding bank financing:

  1. Signing a ‘reverse factoring’ contract with BRD-GSG regarding Bell Microsystems LTD – a customer of the Company. The guarantees for this product are the assignment of future receivables from the Customer and pledge on the Company’s accounts opened at BRD-GSG. This financing product allows the Company to relieve pressure on it’s own cashflow while allowing for the payment terms required by the customer.
  2. Repayment in full, from own sources, of the working capital loan contracted in 2014 from Raiffeisen Bank. The repaid amount was RON 163.056,06, but the Bank has released a collateral deposit of RON 70.000 as a result of the repayment, so the net cash effect of the operation was RON 93.056,06.

CR14 raport curent current reverse factoring bell si rambursare credit raiffeisen