25 Oct 2010 12:48

IDGC Holding restructures debt, cuts interest rate to 7.11%

MOSCOW. Oct 25 (Interfax) - OJSC IDGC (Inter-Regional Distribution Grid Company) Holding, which is carrying 123 billion rubles in debt, was able to restructure it this year and get the interest rate on principal reduced to 7.11%, the holding's chief Nikolai Shvets told reporters on Monday.

That rate was established for debt amounting to 100 billion rubles. Another 40 billion rubles was taken out at less than 7% interest.

The restructuring was accomplished by means of taking out less costly loans from Sberbank of Russia , VTB , and Alfa Bank , Shvets said.

The company is prepared to continue restructuring next year, Shvets said. The borrowing plan for 2011 will be considered at the same time the company's business plan is this December, he said

IDGC Holding unites eleven inter-regional power-distribution companies with facilities in 69 of Russia's regions.