Raiffeisenbank to extend up to 1 bln-ruble credit to Koks
MOSCOW. Feb 3 (Interfax) - Raiffeisenbank will extend a multi-currency credit totaling up to 1 billion rubles to coke producer OJSC Koks , a statement from Koks says.
Koks shareholders unanimously approved the loan. The company is borrowing the money to refinance current debt and pad out operating funds. The credit will have a term of two years once the agreement is signed, which should happen before March 31 this year. The funds will be available until one year after the agreement is concluded.
OJSC Ufaleinikel will serve as guarantor for the credit.
Koks will be taking the money at both floating and fixed rates. Monies in rubles will be received at the floating MosPrime rate plus 2.75% per annum and at a fixed period funding rate plus 1.75% p.a. The floating rate for dollars will be LIBOR plus 3.5% p.a., and a fixed period funding rate plus 1.75% p.a.
The terms of the deal stipulate that Koks' minimum quarterly turnover, as calculated by Raiffeisenbank, should be 100% of average loan indebtedness. If that responsibility is not met, the bank will hike the interest rate by 100 basis points; if it is, the rate will return to its original level.
The Koks group includes OJSC Tulachermet, OJSC KMArud Combine, CJSC Control-Center, OJSC Koks, LLC Uchastok Koksovy, CJSC Siberian Resources (the Vladmirskaya-1 mine), LLC Gornyak (the Romanovskaya-1 mine), OJSC TsOF Berezovskaya, and the under-construction LLC Butovskaya Mine (Chesnokovsky region of the Kemerovo coal deposit) and Tikov mine (Nikitinskoye coal deposit containing Zh-type coal).
The group's sales revenues came to 26.993 billion ruble sin 2009, EBITDA to 4.595 billion rubles, and net profit to $16 million. Net debt as calculated by UBS stood at $578 million at the end of 2010.