Global Ports subsidiary plans to raise $130 mln Raiffeisenbank loan
MOSCOW. Nov 14 (Interfax) - Global Ports subsidiary OJSC Petrolesport plans to sign two loan deals with Raiffeisenbank totalling $130 million, Petrolesport said in a press release.
The first agreement envisages a line of credit of up to $100 million. Interest on the loan will be three-month LIBOR plus 5% per annum.
This money is to be used to fund general business (including investment expenses) and to compensate for earlier investment spending losses on loans within the group to Global Ports Investments PLC and other companies in the Global Ports group (including, but no restricted to National Container Holding Company). The money will be offered for a three-year term.
The second agreement is for a $30 million line of credit and interest will be as follows: loan for a one-month term - one-month LIBOR plus 2.6% pa, loan for one to two months - one-month LIBOR plus 3.6% pa and loans for over two months - one-month LIBOR plus 4.7% pa.
The agreement envisages using the money to repay loans from third parties and for dividend payments.
The borrower will undertake to keep the net debt/EBITDA ratio at 3.5.
Petrolexport is a port complex that includes several specialized terminals - container, ferry and refrigeration.
Global Ports is part of N-Trans, which is one of the largest private operators on the transport services and infrastructure market in Russia. The company has terminals in the Baltic and Far East basins, which are key regions for foreign trade freight flows. Global Ports manages three container terminals in St. Petersburg and Nakhodka, two in Finland, and the Yanino logistics park outside of St. Petersburg.
