OREANDA-NEWS. October 14, 2011. DTEK increased a credit line it took out from Erste Group Bank AG in 2010 from EUR 50 million over two-years to EUR 100 million over three years.

DTEK began cooperation with the financial institution in 2008. The Company already accessed a EUR 50 million credit facility from Erste Group Bank AG in 2010 over two years maturity extended at the end of September 2011 to a EUR 100 million credit line over three years maturity (till 2014).

Proceeds will be used for general corporate purposes, including but not limited to financing M&A and other operations in line with DTEK’s long-term strategy for development.

‘This credit facility is proof of the strong financial position of DTEK. The funds will primarily be used to finance M&A projects in our traditional focus sectors - coal and energy. We highly appreciate the support of our partner Erste Group Bank AG in implementing our strategic goals,’ said Vsevolod Starukhin, DTEK’s CFO.

‘We are very pleased to continue to support DTEK in implementing its business strategy. DTEK has been posting dynamic growth in the past three years, which is why we decided to increase the standby facility to EUR 100mln. In the medium term the Ukrainian energy sector has the potential to spur the revival of the national economy’, commented Andreas Klingen, deputy CEO at Erste Bank, Ukraine.