DGAP-News: RusPetro PLC: Sberbank Loan Restructured
(firmenpresse) - DGAP-News: RusPetro PLC / Key word(s): Miscellaneous
RusPetro PLC: Sberbank Loan Restructured
29.05.2013 / 13:00
---------------------------------------------------------------------?29 May 2013
Ruspetro plc ('Ruspetro' or the 'Company')
Sberbank Loan Restructured
London, 29 May 2013: Ruspetro plc (LSE: RPO), the independent oil&gas
development and production company listed on the London Stock Exchange,
with operations in the Khanty-Mansiysk region of the West Siberian basin,
today announces that Sberbank has restructured its loan to the Company.
Sberbank has agreed to a three year extension and a two year interest
payment holiday on their $297.4 million loan, now due in April 2018.
Interest payments will be waived in 2013, and interest payments in 2014
will be waived if the Company meets certain covenants.
Over this two year period, the interest payment waiver by Sberbank
represents a US$50 million reduction in cash outflows for the Company. The
effective interest rate of the loan is 8%, payable semi-annually from 2015.
The cost of arrangement of the restructuring to the Company is US$1
million.
Tom Reed, Chief Financial Officer, commented:
'This new arrangement with Sberbank enables the Company to fully focus on
monetizing our gas reserves and developing our oil business. Sberbank's
support has been invaluable to Ruspetro throughout our history, and this
transaction again underlines their commitment to and confidence in the
Company and its management team. '
Enquiries
Investors / Analyst enquiries
Dominic Manley, Ruspetro
+44 207 318 1265 / +44 7540 460 872
Twitter: (at)ruspetroplc
Media
Patrick Handley / Catriona McDermott, Brunswick
+44 207 404 5959
About Ruspetro
Ruspetro plc is an independent oil&gas development and production
company, listed on the premium segment of the London Stock Exchange (LSE:
RPO). The Company's operations are located on three contiguous licence
blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro
assets include proved and probable (2P) reserves of over 1.8 billion
barrels of oil equivalent.
End of Corporate News
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29.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: RusPetro PLC
15th Floor, Butyrsky Val 10
125047 Moscow
Russia
Phone: +7 (495) 935 7369
Fax: +7 (495) 935 7368
E-mail: info(at)ruspetro.com
Internet: www.ruspetro.com
ISIN: GB00B4ZH7J18
WKN: A1JRLT
Listed: Freiverkehrin Berlin, Stuttgart; Frankfurt in Open Market
; London, NYSE
End of News DGAP News-Service
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213706 29.05.2013
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Datum: 29.05.2013 - 13:00 Uhr
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News-ID 264238
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