Lamda close to securing major line of credit
Lamda Development is close to sealing an agreement to open a major line of credit from foreign and domestic banks that will be used to finance the first phase of the Elliniko plot’s development, Kathimerini understands. A share capital increase is also under consideration, without its timing, coverage or amount having been determined yet.
Announcements in that direction are expected by the end of the month and will likely include an invitation for an extraordinary general shareholders meeting for the approval of the credit line and the capital increase.
The capital injection moves that Lamda is discussing with Greek and foreign lenders as well as its partners in the Elliniko project coincide with a phase during which the maturation of the concession is rapidly heading toward completion after the change in government, and the financial settlement of the transaction is scheduled to take place within 2019.
According to the Elliniko master plan and the concession contract, the contractor has committed to invest 1.07 billion euros in the first five years, while the start of the concession period will come with the payment of the first of three installments, amounting to 30 million euros.