Sberbank extends 5.8-bln-ruble credit facility to Summa
MOSCOW. Oct 12 (Interfax) - Sberbank of Russia and LLC Investor (part of Summa Group) have signed an agreement to open a 5.8-billion-ruble nonrenewable credit facility at 12.5% per annum, OJSC Yakutsk Fuel and Energy Company (YATEK), which is controlled by the borrower, said in a statement.
The transaction's maturity date is June 27, 2022.
The size of the deal is over 50% of the balance sheet value of the organization's assets, the statement said.
Summa will use these funds for several investment projects, particularly in Yakutia, where YATEK is based. The company declined to enumerate the specific projects on which the monies will be spent, saying only that it will not use the borrowings to buy FESCO.
As reported, Summa is planning on buying a stake in FESCO Transportation Group from LLC Industrial Investors, although the transaction has not yet been finalized. A source familiar with the procedure told Interfax that Summa plans to finance its purchase with the help of borrowings and its own cash. Summa has not said who will act as the lender.
Summa Group is a diversified holding that manages assets in the port logistics, engineering, construction, telecommunications and oil and gas sectors.