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Ruspetro announces that Sberbank has restructured its loan to the Company


Published May 30, 2013
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RusPetro plc

Ruspetro plc announces that Sberbank has restructured its loan to the Company.

Sberbank has agreed to a three year extension and a two year interest payment holiday on their $297.4 million loan, now due in April 2018. Interest payments will be waived in 2013, and interest payments in 2014 will be waived if the Company meets certain covenants.

Over this two year period, the interest payment waiver by Sberbank represents a US$50 million reduction in cash outflows for the Company. The effective interest rate of the loan is 8%, payable semi-annually from 2015. The cost of arrangement of the restructuring to the Company is US$1 million.

Tags: RusPetro plc




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