{"id":2150,"date":"2017-08-25T15:55:03","date_gmt":"2017-08-25T12:55:03","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?p=2150"},"modified":"2020-08-25T17:48:13","modified_gmt":"2020-08-25T14:48:13","slug":"continuous-improvement-of-financing","status":"publish","type":"post","link":"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/","title":{"rendered":"Continuous improvement of financing"},"content":{"rendered":"<p>Bittnet Systems S.A. (hereinafter referred to as \u201cthe Company\u201d) informs the shareholders about the improvement of financing structure of the Company with the following operations regarding banking loans:<\/p>\n<ul>\n<li>repayment of the working capital credit in amount of RON 1 Milion \u2013 Banca Transilvania SA;<\/li>\n<li>closing the credit ceiling in amount of RON 2 Milion \u2013 Patria Bank SA;<\/li>\n<li>repayment of the shareholders\u2019 loans: RON 718,97;<\/li>\n<li>maturity of working capital credit contracted with an initial amount of RON 350.000 \u2013 ProCredit Bank;<\/li>\n<li>signing of a new revolving overdraft contract with ProCredit Bank in amount of RON 4,5 Milion.<\/li>\n<\/ul>\n<p>The credit line has a fixed interest rate of under 3% per year and a 2 year maturity. The guarantees for this contract are:<\/p>\n<ul>\n<li>10% collateral cash deposit;<\/li>\n<li>personal\u00a0guarantees from the founders;<\/li>\n<li>guarantee under the &#8220;SME Initiative&#8221; program funded by the European Union through ERDF and \u201cHorizon 2020\u201d and by the European Investment Fund and European Investment Bank.<\/li>\n<\/ul>\n<p>The revolving overdraft credit will be used for financing current activity, working capital and the development plans of the Company. As a result of the above operations, the Company has &#8220;locked&#8221; the cost of long-term loans at an interest rate below 6%. (Considering the BNET19 \u00a0bond issue at a fixed cost for the Company of 9% and the overdraft credit contracted with \u00a0ProCredit Bank at an annual cost of maximum 3%).<\/p>\n<p><a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2017\/08\/CR21-raport-curent-english.pdf\">CR21 raport curent english<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bittnet Systems S.A. (hereinafter referred to as \u201cthe Company\u201d) informs the shareholders about the improvement of financing structure of the Company with the following operations regarding banking loans: repayment of the working capital credit in amount of RON 1 Milion \u2013 Banca Transilvania SA; closing the credit ceiling in amount of RON 2 Milion \u2013&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389],"tags":[],"class_list":["post-2150","post","type-post","status-publish","format-standard","hentry","category-current-reports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Continuous improvement of financing - Bittnet Systems<\/title>\n<meta name=\"description\" content=\"Continuous improvement of financing - Bittnet Systems informs the shareholders about the improvement of financing structure of the Company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Continuous improvement of financing - Bittnet Systems\" \/>\n<meta property=\"og:description\" content=\"Continuous improvement of financing - Bittnet Systems informs the shareholders about the improvement of financing structure of the Company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Bittnet Investors Relations Site\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BittnetSystems\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-25T12:55:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-25T14:48:13+00:00\" \/>\n<meta name=\"author\" content=\"Lucian Bratu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NA\" \/>\n<meta name=\"twitter:site\" content=\"@NA\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucian Bratu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\"},\"author\":{\"name\":\"Lucian Bratu\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#\/schema\/person\/54d368673105e588c70afb8404cdf81b\"},\"headline\":\"Continuous improvement of financing\",\"datePublished\":\"2017-08-25T12:55:03+00:00\",\"dateModified\":\"2020-08-25T14:48:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\"},\"wordCount\":221,\"publisher\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#organization\"},\"articleSection\":[\"Current reports\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\",\"name\":\"Continuous improvement of financing - Bittnet Systems\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2017-08-25T12:55:03+00:00\",\"dateModified\":\"2020-08-25T14:48:13+00:00\",\"description\":\"Continuous improvement of financing - Bittnet Systems informs the shareholders about the improvement of financing structure of the Company\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/continuous-improvement-of-financing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Continuous improvement of financing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/\",\"name\":\"Bittnet Investors Relations Site\",\"description\":\"Your Value. 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