Support The Moscow Times!

En+ Group Gets $900M Loan

Oleg Deripaska's En+ Group said Monday that it had secured a $900 million loan from state-controlled investment bank VTB Capital to complete the refinancing of debt.

The holding, which owns 47.4 percent of United Company RusAl, said it had cut its debt to $822 million from $1.05 billion during the course of the year — setting up the opportunity to take a new loan.

The terms allow En+ to recover the 25 percent of EuroSibEnergo that banks hold as collateral and cut the 15 percent of United Company RusAl held as assurance against repayment to 11 percent, En+ spokesman Andrei Petrushinin said.

"The VTB Capital loan has created great possibilities for further development of the existing En+ Group's businesses as well as new attractive projects in power generation, coal, uranium, gold, iron ore mining and others," first deputy chief executive Artyom Volynets said in a statement.

A company spokesman confirmed that the group's total debt now stood at exactly $900 million. The new loan is due in two years, with an option for a one-year extension.

(Reuters, Bloomberg)

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.