Government endorses €10 million loan for Magnetic MRO ({{contentCtrl.commentsTotal}})

Magnetic MRO working on aircraft repairs at Tallinn Airport. Photo is illustrative.
Magnetic MRO working on aircraft repairs at Tallinn Airport. Photo is illustrative. Source: Igor Pisarev/Estonian Aviation Cluster

The government at its sitting on Thursday approved the main terms of a working capital loan of €10 million to be issued to Magnetic MRO, a Tallinn-based provider of aircraft repair and maintenance.

The loan is to be issued for a period of six years and it must be repaid based on a 60-month repayment schedule taking effect after a 12-month moratorium.

The annual rate of interest on the loan is 12-month Euribor plus two percent, the government's communication office said. 

The contract fee is 0.2 percent of the available amount. The loan can be taken out in tranches of at least €2 million at a time.

The loan must be secured with a commercial pledge and a guarantee by the core owner,  Guangzhou Hangxin Aviation Technology Co.

The loan is to be issued by Kredex. 

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Editor: Helen Wright

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