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1 Jul 2015 16:22
July 1, 2015
RusHydro's subsidiary signed a loan agreement with VTB Bank
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that JSC RAO Energy Systems of the East (part of RusHydro Group) signed a 12-year loan facility in the amount of up to RUB 6,612,880,000.00 to finance the construction of the offsite infrastructure facilities of the Yakutskaya TPP-2.
Total price of loan amounts to RUB 11,530,846,000.00 (the price is calculated as of the date of the agreement based on the interest rate set by the Central Bank of Russia):
To be determined as the aggregate of the following values:
- Loan amount: No more than RUB 6,612,880,000.00.
- One-time fee for providing the credit facility paid at the signing of the agreement: No more than 0.5% of the loan amount;
- Commitment fee: No more than 0.5 % per annum to be accrued on undrawn amount of the loan;
- Amount of interest for the use of loan funds accrued at the rate of no more than the maximum interest rate for the person provided with the loan to implement the project selected for participation in the Program for supporting the investment projects implemented within the Russian Federation based on project finance in accordance with the Decree of the Government of the Russian Federation No 1044, dated 10/11/2014, "On Approval of the Program for supporting the investment projects implemented within the Russian Federation based on project finance" (hereinafter, the "Program"), and which shall not exceed the level of interest rate established by the Central Bank of the Russian Federation when providing the authorized banks with loan funds to refinance the loans issued by the authorized banks to end-borrowers (interest rate for specialized refinancing instrument) plus 2.5% per annum.
If the Project is excluded from the Program and/or if the Central Bank of Russian Federation does not provide or ends the provision of refinancing for the loan provided by the Program, the interest rate shall be determined by the Creditor unilaterally based on market interest rate indicators.
The maximum price of the agreement amounts to RUB 17,000,000,000.
The agreement was approved by the Board of Directors of JSC RAO ES of the East on April 30, 2015.
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 38.5 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 66.8% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "plan", "aim", "target", "forecast", "project", "should", "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.
We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.
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