Quadra expecting to receive tranche from Onexim before end of summer, approval for syndicated loan
MOSCOW. June 28 (Interfax) - PJSC Quadra may in July or August receive the next tranche of funds from the majority shareholder, Onexim, in the amount of 1.1 billion rubles, it is expecting to receive approval for a credit from a syndicate of banks, Quadra head Yury Pimonov told journalists.
"The credit committee has still not met," Pimonov said. "As of today there is no fundamental rejection or change in the positions of the banks. A certain amount of additional work is needed," he said.
The company is currently working to reach agreement with consumers to move back the dates for commissioning new facilities under capacity provision agreements that would avoid up to 3.5 billion rubles in fines. In addition, Quadra is expecting a decision from the government on fines for excess emissions totaling about 2.5 billion rubles.
"One of the main [creditor] conditions is the decision of the majority shareholder to allocate its share," Pimonov said, adding that Onexim Group would make a decision in the near future.
"We received approval for all these deals from the shareholders. This is one of the terms for raising the additional funds to complete these facilities," he said.
Quadra is not for now taking the funds remaining under a loan from Onexim, because it doesn't want to assume the interest liability. Onexim previously allocated 0.75 billion rubles to the company and plans to provide another 1.1 billion rubles. "We are planning to receive the next tranche probably at the end of July, in August. This is 1.1 billion rubles," Pimonov said. A decision from the banks is also expected at that time.
Quadra shareholders approved receipt of a syndicated loan from Sberbank of Russia and Gazprombank with a limit of 7.5 billion rubles until the end of 2025. The loan will be secured with Quadra shares, property and real estate.
They also approved a deal with Onexim totaling 3 billion rubles, including the loan of 0.75 billion rubles received in March 2016. The loan is to be at 8.25% annual interest until the end of 2025. Investment of the Onexim funds is a suspensive condition for receipt of credit lines from Sberbank and Gazprombank, it was reported earlier.
