14 Jul 2008 14:34
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Raiffeisenbank Grants US$ 85 Million Loan to LSR Group
LSR Group ("LSR" or the "Group") one of the leading real estate developers and building materials producers in Russia (LSE: LSRG, MICEX, RTS: LSRG), today announces it has signed an agreement to open a credit line with a limit of US$ 85 million for two years with the Northern Capital branch of ZAO Raiffeisenbank.
The loan funds will be used to realize general corporate goals including the credit portfolio restructuring and the implementation of investment projects.
Elena Tumanova, CFO, Member of the Board of Directors of OJSC LSR Group said: "It is particularly important for us that despite the financial market volatility ZAO Raiffeisenbank regards LSR Group as a long-term partner and provides finance for our further development."
Notes to Editors:
OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction - from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people.
In 2005 and 2006, the revenues of LSR Group (according to IFRS statements) were US$ 463 million and US$ 777 million respectively. In 2007, the revenues amounted to US$ 1,403 million.
LSR Group has a B1 rating from Moody's Investors Service (outlook - Stable) assigned in July 2007 and confirmed on 30 May 2008 and a B+ rating by Fitch Ratings (outlook - Stable) assigned on 30 May 2008.
The Group's shares are listed on MICEX and RTS and on the London Stock Exchange in the form of GDRs since its IPO in November 2007.
In 2007, LSR Group was awarded 'The Company of the Year' National Award in the 'Construction' category.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG (Raiffeisen International). ZAO Raiffeisenbank, the largest foreign capital bank operating in the RF, in 2007 held 7th place in Russia by the size of its assets (Interfax-CEA). It was also No.7 by the size of its corporate loan portfolio in 2007 (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank holds 4th place in Russia by the volume of private deposits and 6th place by the volume of loans granted to individuals in 2007.
The Northern Capital branch of ZAO Raiffeisenbank is the largest branch in the Northwest region. It has 10 departments in St. Petersburg and an operating office in Syktyvkar. The number of corporate clients of the branch is over 1,800 entities including companies specializing in communications, construction, printing, food industry, transportation and publishing.
Raiffeisen International Bank-Holding AG (Raiffeisen International) is a holding company operating subsidiary banks, leasing companies and two representative offices in 17 Central and Eastern Europe markets. Over 13 million clients get services from more than 3,000 departments. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB Austria) holding 68.5 percent of the group's ordinary shares with the rest of the shares freely floating and traded on the Vienna Stock Exchange. Being the parent bank of Raiffeisen Group, the largest banking group in Austria, RZB is the leading corporate and investment bank in Austria.
For more details please contact:
Press Service, LSR Group
+7 (812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru
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