Agricultural land leasing company Elana Agrocredit (0EA BU) reported deals amounting to BGN 2.4m in Sep’19, up more than 3x y/y, the Company announced in its regular monthly newsletter.
In Sep’19, the Company invested BGN 1.9m, financing 2 354 dca of arable land. The total amount of the deals reached BGN 2.4m, up three times y/y. The average deal amount during Sep’19 was BGN 64.5k, up 3x y/y.
Since the start of the year, the Company has sealed deals for BGN 9.2m, up 11.7% y/y.
Working capital loans
During the month, Elana Agrocredit extended BGN 76.5k of working capital loans, boosting their total amount since the start of the agricultural year to BGN 13m.
BGN 15m bank loan
In the start of September 2019 ELANA Agrocredit signed an up to BGN 15m bank loan to finance its operations. The loan consists of two tranches: an investment loan up to BGN 15m for financing the expansion of the Company’s leasing portfolio and a working capital revolving loan up to BGN 5m. In any given moment, the total amount of the debt facility must not exceed BGN 15m.