6 Mar 2015 07:00
6 March 2015
Lenta Ltd. (the "Company")
Signing by Lenta LLC (the Company's main operating company) (the "Borrower") of a credit facility agreement with OJSC VTB Bank (the "Lender") for a term of three years for the issue of loans / loan tranches in an amount of up to RUB 15 billion (the "Facility Agreement")
The Company today disclosed in the Russian Federation (a non-EEA State) the conclusion of the Facility Agreement on the terms summarized below:
SUMMARY OF PRINCIPAL TERMS
Limit of indebtedness
The maximum amount of indebtedness under the credit facility which the Borrower may have each day during the term of the Facility Agreement is RUB 15 billion.
Purpose and utilization of each loan
• financing of normal business operations in order to replenish working capital;
• financing of current activities and financing of activities provided for by the Borrower's charter in the ordinary course of its business;
• discharge by the Borrower of its obligations with respect to repayment of monetary funds received from third parties (with respect to principal debt), including repayment of indebtedness to third parties as part of payments under factoring agreements;
• replenishment of bank accounts opened both with VTB Group Banks and with other credit organizations for subsequent payroll payments.
Interest rate
During the term of the Facility Agreement, the interest rate for using the loans issued under the credit facility is specified in drawdown requests.
The amounts of interest to be repaid by the Borrower under the Facility Agreement are calculated in accordance with the simple interest formula on an accrual basis for the actual number of days of utilization of the loan.
The interest rate may be increased in accordance with the terms of the agreement establishing the procedure for the execution of loan transactions using online banking systems in the event of non-compliance with any of the financial covenants or in the event of an increase in the key interest rate established by the Bank of Russia.
Maturity date
March 3, 2018.
FURTHER INFORMATION
The transaction is associated with the disposal or the possibility of disposal by the Borrower, whether directly or indirectly, of property with a maximum value of RUB 15 billion, which constitutes 12.62% of the value of the Borrower's property established on the basis of its Russian accounting statements for the last reporting period.
As of September 30, 2014 (the date of the reporting period preceding the execution of the Facility Agreement) the value of the Borrower's assets was RUB 118,826,187,000 under Russian accounting standards.
The Facility Agreement was executed on March 5, 2015.
The transaction was approved by the sole participant of the Borrower on March 3, 2015: Resolution of the sole participant of Lenta LLC No. 147-L dated March 3, 2015.
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In accordance with Disclosure and Transparency Rule 6.3.10 R ("disclosure of information in a non-EEA State") the Company hereby announces that Lenta LLC has today entered into the Facility Agreement.
For further information, please contact:
Mr. Albert AvetikovDirector for Investor Relations112 Savushkina StreetSaint PetersburgRussia 197374
Telephone: +7 812 363 28 44