NCSP to Improve Group's Debt

22 Aug 2008 07:00



NSCP to Improve Group's Debt Structure

August 22, 2008

The Board of Directors of PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS & MICEX: NMTP) voted to call an Extraordinary General Shareholders Meeting to approve a US$ 49.8 mln. loan to its subsidiary -- Novoroslesexport (NLE). The deal is subject to EGM approval as a related party transaction.

The loan of up to US$ 49.8 mln. will be granted to NLE for three years at the maximum annual interest rate of 7.5%. The purpose of this loan is to alleviate NLE's debt burden by refinancing a number of old credits at better terms, and to improve the NCSP's general debt structure by increasing the share of unsecured debt.

The decision to call an EGM was passed on August 20, 2008. Record date for EGM is August 21. 2008. The EGM will be held in the form of absentee vote, ballots are accepted through September 26, 2008.

About NSCP

According to the Association of Sea Ports, PJSC Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. NCSP's consolidated cargo turnover in 2007 totaled 79.4 million tonnes. NCSP is listed on the London Stock Exchange and Russia's RTS and MICEX. NCSP's revenues for 2007 totaled US$ 483.4 million, EBITDA -- US$ 227.9 million, and net profit -- US$ 93.7 million (according to consolidated financial statements under IFRS).

NCSP Group includes seven stevedoring companies: PJSC NSCP, OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, OJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.

For more information please contact:

Tel.: + 7 (495) 783 5434 

PR@nmtp.info

Tel.: +7 (495) 784 54444

IR@nmtp.info