Comment by Andrey Yashenko, Corporate Finance Director of Basic Element in connection with the agreement reached between SMR Group and lenders on long-term refinancing of SMR's debt
|
 |
 11.12.2009 |
"Negotiations on SMR Group debt refinancing entered the final stage.
SMR Group, Russia's largest ferromolybdenum producer, agreed main terms of debt refinancing with Alfa-Bank this week in accordance with which the bank participates in a loan which will be granted by a club of international banks such (ABN Amro Bank N.V., BNP Paribas (Suisse) SA, ING bank N.V. and Raiffeisen Zentralbank Osterreich Aktiengesselschaft), of which the main terms have been agreed earlier.
Total amount of the loan is USD 122 Mln, the loan has a 4-year tenor and allows repayment in accordance with agreed repayment schedule.
The total amount of the loan is USD 122 million, maturing in 4 years and is to be repaid on an agreed schedule.
Companies of Basic Element group have reached notable progress in restructuring debts to foreign and Russian banks. This progress is an acknowledgement of positive results of the crisis management program implemented by the companies as well as of the banks' confidence in the prospects of their further successful development.
Last week UC RUSAL, world's largest producer of aluminum and alumina, signed the required documents for restructuring of all its debt. In early October a restructuring agreement was signed by GAZ Group, the largest automobile manufacturer in Russia.
In its turn, EN+ Group, uniting Basic Element's energy assets, is in the final phase of the process of restructuring its liabilities".
<< previousnext >>
back to the news archive
|
