Sistema pledges MTS shares against 105 bln rbl loan to pay Bashneft - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Sistema pledges MTS shares against 105 bln rbl loan to pay Bashneft

MOSCOW, Feb 19 (PRIME) -- Multi-industry holding Sistema has opened a 105 billion ruble 5-year credit line with RussiaТs top bank Sberbank secured by shares in mobile operator MTS to pay 40 billion rubles of the credit line to oil company Bashneft under an amicable deal, Sistema said in a statement on Monday.

УSberbank will extend a line of credit to Sistema for a five-year period in the amount of up to 105 billion rubles, of which 40 billion rubles will be allocated to discharge obligations under the settlement agreement. The remaining amount may be used by Sistema as needed to refinance the

corporationТs debt obligations,Ф the statement read.

УThe loan will be secured by ordinary shares of MTS, which will be recorded as collateral in proportion to the drawdown of the loan on the basis of the loan-to-value ratio. The loan agreement allows for early repayment.Ф

The terms of the agreement allow Sistema to conduct investment activity and pay dividends without coordination with the bank, including spending funds from other sources with the approval of the bank.

In December 2017, the Arbitration Court of the republic of Bashkortostan confirmed a peaceful settlement of a 170.6 billion ruble case by oil major Rosneft against Sistema. Under the agreement, Sistema and its affiliate Sistema-invest will pay 100 billion rubles to RosneftТs affiliate Bashneft in several installments no later than March 30.

(56.3554 rubles Ц U.S. $1)


19.02.2018 10:36
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