On February 12th 2009 Port of Tallinn signed a loan agreement with the European Investment Bank in the amount of EUR 40 million (EEK 625.9 million) and with a maximum maturity of 20 years. The loan can be drawn in four tranches with either fixed or floating interest rate, which will be fixed separately for each tranche. The additional interest margin fixed in the loan agreement is 0.41% per annum. Port of Tallinn is planning to draw the loan within current year. The funds are dedicated to be used for the financing of current major investments, i.e. the extension of Muuga harbour container terminal and building the quays no 8 and 9 in Paldiski South Harbour. According to the chairman of the Supervisory Board of Port of Tallinn Mr Neinar Seli the signing of the loan agreement with the European Investment Bank in such terms and in today's conditions of global economic recession is a significant sign of continuing credibility of international institutions towards Port of Tallinn's business strategy and for using the potential of Estonian geographic position. “Despite of the decrease in cargo volumes Port of Tallinn has not considered suspending these major investments. Taking into account the long period preceding the implementation of such extensive infrastructure development investments, it is crucial to target their completion to the beginning of the next economic growth cycle,” noted Mr Seli. Additional information: Marko Raid Chief Financial Officer Phone nr: +372 6 318 047 m.raid@ts.ee Sven Ratassepp Public Relations Manager Phone nr: +372 6 318 064 Mobile: +372 50 64 911 s.ratassepp@ts.ee
Port of Tallinn to borrow EEK 625.9 million from the European Investment Bank
| Source: Tallinna Sadam