13.01.2011
“Vedomosti”
Moscow. “RussNeft” agreed on debt restructuring with its key creditors – Sberbank and international trader Glencore. The documents have already been signed. The total amount of restructured loans – is more than $6.2 billion, the company informed. The term of complete payment has been extended till 2020, the new rate on all loans – is 9%.
Previous rates “RussNeft” doesn’t disclose (the creditors do the same). But earlier the source close to the company said that Sberbank credits were tapped at 12%, Glencore – 9%. The first payments on the principal will be this year – about $500mln, says the employee of one of the companies which participated in the transaction. Due to reducing the debt load “RussNeft” expects to save $200 million for investment projects that “in the long view” will make it possible to increase annual oil production up to 18mln.tons, the company notes.
Now production level of “RussNeft” – is 13 mln. tons per year. As of October,1 its debt to Sberbank and Glencore structures was 193.9 billion rubles (approximately $6.4 billion including interest at the rate of CB at the time); and the total debt on loans and borrowings – 200.5bln.rubles, or about $6.6 bln. Debt to Sberbank was $4.2bln. (in particular on a loan of $1bln. with pay back in March 2012 and $2.7bln. with pay back in 2016). Debt to Glencore structures - $2.2bln., including expired interest (on several loans, repayment of which expired in December 2010).
“RussNeft” started negotiations with creditors last year – almost immediately after the change of shareholders. At that time 49% of “RussNeft” the owner of the company Mikhail Gutseriev sold to JSFC “Sistema”, 2% received “Sberbank”. Managers of “Sistema” have repeatedly pointed out that huge debts of “RussNeft” – is its main problem. And while the matter is not resolved, “Sistema” won’t even consider the possibility of amalgamation of “RussNeft” and “Bashneft” (which is now controlled by JSFC). Yesterday the representative of “Sistema” didn’t comment it. But a source close to JSFC says that the question of possible merging can be raised only when “RussNeft” debt is minimized, restructuring is not enough.
