FESCO attracts a line of credit VTB on $680 million for debt restructuring

PJSC “VTB Bank” and its subsidiaries entered into a credit agreement with VTB Bank about granting Group credit lines in the amount of $680 million that the Group send in the payment and/or repayment of a significant part of the existing financial debt, it said in a statement. Last week, the terms of the loan were approved by Bank VTB.

The loan will be made by JSC “commercial port”, which is included in the Group. Credit will be issued for a period of five years for payments to lenders of amounts in settlement in connection with the restructuring of debt under the outstanding Eurobonds maturing in 2018 and Eurobonds maturing in 2020; to refinance existing indebtedness of the Group under the loan agreement secured by the repurchased bonds, and for other purposes related to the restructuring of existing debt of the Group.

The group also reiterates that the agreement on the fixing of intent dated 6 September 2017 between, inter alia, the company and certain members of the ad hoc group of holders of dollar bonds automatically ceased to have effect on 31 October 2017, in accordance with the terms of the agreement was the initial expiration date of the agreement.

As reported October 27, 2017, the conciliation procedure relating to debt restructuring Group dollar bonds were approved by the necessary majority of scheme creditors at the meeting held on 27 October 2017, the Scheme will be subject to subsequent approval of the Supreme court of justice of England and Wales at a meeting scheduled for November 3, 2017.

FESCO attracts a line of credit VTB on $680 million for debt restructuring 07.11.2017

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