IDGC Holding, the power distributor also known as MRSK, agreed to borrow as much as 150 billion rubles ($4.6 billion) from VTB Group for as long as 15 years as it upgrades its networks.
MRSK is raising debt as it boosts capital expenditures to 200 billion rubles in 2015 from 130 billion rubles this year, chief executive Nikolai Shvets said Thursday after signing the loan agreement with VTB chairman Andrei Kostin. Most of the VTB loans will be for seven years, he said.
By the end of the year, the company's borrowing will rise 39 percent to as much as 195 billion rubles from 140 billion rubles on Sept. 1, MRSK said in a statement, citing Shvets.
(Bloomberg)
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