Russia’s En+ Group to redeems $942.6 mln loan to VTB early

MOSCOW, Nov 13 (PRIME) -- Multi-industry holding En+ Group of Russian tycoon Oleg Deripaska has redeemed a U.S. $924.6 million loan taken from VTB Bank ahead of schedule, the company said in a statement on Monday.

The initial redemption date is December 2019, and the company pledged 29.99% in aluminum giant UC RUSAL, 25% plus one share in power producer EuroSibEnergo, and 24% in the Krasnoyarskaya GES hydropower plant as collateral for the loan.

“This operation shows our strict adherence to reduction of the share of borrowed funds,” the company said quoting CFO Andrei Yashchenko.

En+ also said that one of the major financial goals of the company for the short- and mid-term is to reduce the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to 3.5 from 5.5 over the next three years.

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