Sberbank refinances 25.6 bln rubles in loans for Kazanorgsintez
KAZAN. May 19 (Interfax) - Russia's top bank Sberbank is ready to refinance loans for OJSC Kazanorgsintez allocated in 2009 worth 25.6 billion rubles, a source close to the negotiation process told Interfax.
Sberbank will likely prolong loans worth 18.8 billion rubles and provide a new loan worth 10 billion rubles (earlier 6.8 billion rubles in loan founds were raised as a loan from OJSC TAIF). The transactions were approved by the bank's loan committee.
The loans will be available for seven years. The rate has yet to be publicized. Thanks to Sberbank's refinancing, the company will be removed from state guarantee and no longer use its shares as collateral. The enterprise's property will only remain as collateral.
Therefore, Sberbank might still be the main creditor for Kazanorgsintez. According to the enterprise's financial results for the first quarter of this year, Kazanorgsintez's debt owed to Sberbank comes to 18.8 billion rubles and to OJSC TAIF - 6.8 billion rubles.
