18-06-2012 14:35 Belarus
Belaruskali loan to be refinanced
MINSK, (BelTA) – There are plans to refinance Belaruskali $1-billion syndicated loan, Finance Minister of Belarus Andrei Kharkovets said at a parliamentary meeting on 18 June.
“There are plans to refinance the loan. The issue is in the terms of refinancing. There are a number of proposals, they are under analysis,” the minister said.
Belaruskali previously reported on its plans to refinance the syndicated loan. The company negotiated this issue with Sberbank of Russia.
Belaruskali plans to prematurely repay the $1 billion syndicated loan in one go on 20 September 2012. The bulk of the loan ($800 million) will be repaid by pre-schedule redemption of Finance Ministry bonds, which are nominated in foreign currency. The rest of the sum will be covered by Belaruskali’s proprietary sources.
A credit agreement for Sberbank of Russia and the Eurasian Development Bank to allocate a $1 billion syndicated loan to the Belarusian company OAO Belaruskali for one year was signed in Minsk in November 2011. Sberbank’s share was $900 million, with the rest covered by the Eurasian Development Bank.
The Belarusian government guaranteed that the loan, the interest rate and other fees required to use the guaranteed loan will be paid.
The loan was allocated to Belaruskali for general corporate purposes, including the acquisition of proprietary shares by the company, acquisition of any securities, bonds or promissory notes issued or guaranteed by Belarus.