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La Seda de obtains 320 mn Euros for PTA Project in Sines
20
Nov '08
LA SEDA DE BARCELONA has gained the approval of a Project Finance of 320 million euros for its facilities in Sines, Portuguese town south of Lisbon, with a long-term financing for 15 years and a comfortable schedule of repayments over the next 5 years. The Project Finance of the PTA plant of the multinational chemical is led by the Portuguese CaixaGeral and backs up the viability and profitability of the new plant without being a financial burden for the company.

The building of the plant began last March at the site of Petrochemical Sines. Qualified as Project of National Interest by the executive Luso, the petrochemical infrastructure counts on the help of the Portuguese authorities in the form of direct grants and tax benefits. These advantages have been approved by the European Commission.

The future factory covers the deficit of PTA in Europe, which imports in Asia around 500,000 tons of the product. The new factory will be integrated to the SEDA Group as Artenius Sines, will begin its commercial operation during the first quarter of 2010 and will have a production capacity that will reach 700,000 tons of PTA annually. With these capabilities, Artenius Sines is configured as one of the major strategic production plants worldwide and can increase by 140% to LA SEDA DE BARCELONA in an intermediate product required for the manufacture of PET.

From its new subsidiary, LA SEDA DE BARCELONA will generate 150 new direct jobs and 200 indirect ones, in addition to a significant increase in local activity during the 2 years of building the infrastructure.

Artenius Sines is projected as a competitive production plant in a global scale and will feature last generation technology of PTA production. A technology that will present significant cost advantages compared to the average of European plants.

Energy costs will be reduced about 25%, which affects the principle of energy efficiency and positions to La Seda de Barcelona as regards its technological sector.

Financial Situation
The current finacial situation of LA SEDA DE BARCELONA mantains a level of leverage -ratio of Net Debt / Equity Resources-, of 60% and a comfortable repayment schedule. Thus, 75% of maturities of the long-term debt are concentrated in the period 2012-2014, at which point Artenius Sines will already be running at full capacity. La Seda de Barcelona won in 2006 a line of long-term financing with DEUTSCHE BANK worth a total of 600 M €.

LA SEDA DE BARCELONA


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