12 Dec 2011 14:19

Ukrainian coal co Sadovaya Group raises $25 mln OTP loan

KYIV. Dec 12 (Interfax-Ukraine) - Ukrainian coal company Sadovaya Group has raised a $25 million five-year loan from Kyiv-based OTP Bank.

The agreement was signed last Friday, a Sadovaya Group report for the Warsaw Stock Exchange says.

The loan will be offered at monthly LIBOR plus 8.5%. It will go to the group's Sadovaya Mine LLC and Rassvet-1 Mine LLC.

The money will be used to refinance an existing OTP loan of $18 million and measures to develop Sadovaya Mine.

Sadovaya Group is a major private coal producer in Ukraine. It placed 25% of its shares in an IPO on the Warsaw Stock Exchange in December 2010 and raised 92.6 million Polish zloty (around $32 million).