IDGC Center to raise 3 bln rubles from Sberbank subsidiary for investment program at 10.44%
MOSCOW. April 23 (Interfax) - OJSC Inter-District Distribution Grid Company Center (IDGC Center) will raise a loan worth 3 billion rubles at 10.44% from Sberbank Russia's Srednerussky Bank subsidiary, the company said in a statement.
The loan facility will be open for five years with an option for drawdown over six months.
The funds are being raised to financing IDGC Center's production operations and investment program.
The bank was selected an auction announced in March.
With the additional of this new loan, the company's loan portfolio will expand by 14.2% to 24.2 billion rubles, IDGC Center said.
IDGC Center's loan portfolio according to international financial reporting standard (IFRS) came to 21.2 billion rubles for 2011. Net debt on December 31, 2011 came to 18.6 billion rubles. The company's net debt to EBTIDA ratio came to 1.3.
OJSC Inter-District Distribution Grid Company Center includes 11 branches: Belgorodenergo, Bryanskenergo, Voronezhenergo, Kurskenergo, Kostromaenergo, Lipetskenergo, Tverenergo, Smolenskenergo, Orelenergo, Tambovenergo and Yarenergo. The state-owned IDGC Holding holds 50.23% of the company's stock.
