LSR Group restructures project financing for cement plant construction
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15 December 2010
LSR Group (LSE: LSRG; MICEX, RTS: LSRG) and Bank VTB North-West have signed an agreement to open a loan facility worth RUB 5 billion.
The new loan facility will substitute the existing loan facility of € 113.9 million by RBS (formerly ABN AMRO) and HSBC, obtained in March 2008, for cement production equipment.
The final redemption date for the new loan facility - December 2017 - is in fact equal to the one of RBS/HSBS loan.
Elena Tumanova, CFO of LSR Group, comments:
“The replacement of the RBS/HSBC loan facility with the new rouble-nominated loan from VTB North-West is the important step towards the reduction of our currency risks. In the near future we will continue our work to attract long-term financing nominated in roubles to replace our debt nominated in foreign currency.”
Note to Editors:
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.
In 2009, the sales revenues of LSR Group were RUB 51,024 million (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.
For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72
E-mail: press@lsrgroup.ru
www.lsrgroup.ru