Bittnet borrows 1.8 mln euro from Banca Transilvania

Romanian IT group Bittnet Systems [BSE:BNET] said it has signed a credit agreement worth 1.8 million euro ($1.76 million) with local lender Banca Transilvania [BSE:TLV] for financing its working capital and current activity. The agreement was signed through Bittnet member company Dendrio and involves a revolving overdraft ceiling with an extendable maturity of 12 months, according to SeeNews.com.

Banca Transilvania will charge a fluctuating interest rate equal to the EURIBOR reference rate in addition to the bank’s fixed margin of 2.15%.

Bittnet backed the loan with mortgages and a parental guarantee on behalf of the company.

In September, Bittnet said it has signed an investment credit worth a maximum 11 million lei ($2.18 million/2.23 million euro) with Banca Transilvania for financing the takeover of local peers TopTech and 2NET Computer.

Bittnet Systems, part of the Bittnet Group, is an IT and training company providing technical experience and more than 1,500 IT courses.

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