6 Nov 2009 11:29

Synergy may raise loan of up to 3.8 bln rubles from VTB

MOSCOW. Nov 6 (Interfax) - Synergy, a leading Russian distiller, may borrow up to 3.8 billion rubles from VTB .

The Synergy board of directors approved two deals with VTB to organize loans of 1.6 billion rubles and 2.2 billion rubles. The loan interest rates are expected to be 16% or higher.

Synergy conducted a secondary public offering of shares in mid-October, placing 4 million shares at $20 each for a total of $80 million. Renaissance Capital and VTB Capital organized the SPO.

Synergy produces liquor at seven distilleries in five federal districts, including Ussuriisky Balzam, Khabarovsky, Uralalko in Perm, Alviz in Arkhangelsk and ROOM in Nizhny Novgorod.

Synergy posted a net profit of 512 million rubles in the first half of 2009 under IFRS, 9.6% less than in the same period last year. Revenue increased 8% year-on-year to 7.78 billion rubles. EBITDA rose 29% to 1.4 billion rubles.

Alexander Mechetin owned 51.8% of Synergy prior to the SPO. Federation Council member Valentin Zavadnikov owned 25.2% and the free float was 19%.