02 July 1997

Romania Tire Maker Granted $60 Mln Credit Line By Nomura (Dow Jones International News)

BUCHAREST (AP-Dow Jones)--Nomura International Plc granted a $60 million credit line to Romanian tire manufacturer Tofan Group, said a Tofan spokesman Wednesday.

Nomura International Plc is the London-based subsidiary of the Japanese bank Nomura.

Tofan spokesman Deniz Ducescu said Nomura will also arrange debt facilities for a further $40 million for Tofan on international markets in coming months.

Ducescu said the $60 million credit line is meant to upgrade technology.

Tofan is Romania's leading tire manufacturer.

Tofan Group is the holding group of three tire manufacturing companies, consisting of Danubiana Bucharest, Victoria Floresti and Silvania Zalau.

Ducescu refused to provide further details on the credit line or international borrowing plans.

Tofan Group produces about 2.5 million tires per year, including car tires and tires for agricultural machinery.

Adam Brown

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