5 Apr 2010 14:23

MOESK to seek 9 bln rubles for current-debt refinance

MOSCOW. April 5 (Interfax) - The board of directors at OJSC Moscow Unified Grid Company (MOESK) approved on March 5 raising 9 billion rubles in H2 for the refinancing of current debts, company materials say.

The term for a credit would be no more than three years, the interest rate no more than 10.7% pa (including all commissions and fees). MOESK is counting on getting such a loan without providing security.

MOESK's accounts payable stood at 64.3 billion rubles at the end of last year, up 20.2% since that year began. The company's short-term accounts payable ended 2009 at 33.03 billion rubles, with 29.16 billion rubles of that past-due.

MOESK faces the restructuring of 23.5 billion rubles in debts in 2010, company chief Andrei Konovalov told reporters. Restructuring might be accomplished with recrediting and/or with the issue of exchange bonds.

MOESK has grid assets in Moscow and the Moscow region. The controlling stock in the company belongs to the state-owned IDGC Holding.