FACTBOX-How Russia helps industries refinance foreign debts
MOSCOW, Feb 9 (Reuters) - Russia has released around $12 billion so far through its biggest banks to help key industries repay foreign debts.
In the latest such move, Russia's No.2 lender, state-controlled VTB, lent 9.66 billion roubles ($267.4 million) to coal miner SUEK. [ID:nL9429851]
VTB (VTBR.MM) (VTBRq.L), alongside Sberbank (SBER03.MM) and Gazprombank, became clearing houses for state support to industries, while VEB bank is entrusted with distributing up to $50 billion of state refinancing help.
Clauses and covenants under many such refinancing deals are not being disclosed and many companies that obtained state help have said they had to use stocks or assets as collateral, raising the prospects of asset nationalisation.
Following is a list of Russian companies, categorised by whether they received refinancing help from VEB or obtained support from Sberbank, VTB and Gazprombank.
VEB
- United Company RUSAL, majority owned by businessman Oleg Deripaska, received $4.5 billion from VEB in October to pay back debt to foreign banks, which it amassed to buy a stake in mining giant Norilsk Nickel (GMKN.MM).
- Businessman Mikhail Fridman's Alfa Group received $2 billion in October to pay back a loan to Deutsche Bank and rescue Alfa's stake in Russia's No. 2 mobile phone firm, Vimpelcom (VIP.N), which was used as collateral
- VSMPO-Avisma (VSMO.MM), the world's largest titanium producer, said in November 2008 it will receive $400 million from VEB to fund investment projects after revising plans to borrow from Western banks.
- Steel maker Evraz Group (HK1q.L) obtained a $1.8 billion loan from VEB in late 2008 to refinance foreign debts which arose from the acquisition of U.S. and Canadian steel and pipe making assets.
- State-owned Rosneft (ROSN.MM), Russia's largest oil firm, received around $800 million from VEB to repay short-term debts.
- Gazprom Neft (SIBN.MM), the oil arm of Russian gas export monopoly Gazprom (GAZP.MM), obtained a $750 million loan to help it refinance a $2.2 billion Western syndicated loan.
- Russia's largest developer, PIK Group (PKGPq.L), received $265 million to refinance short-term foreign debt.
- High-tech firm Sitronics (SITRIq.L) was due to receive $230 million from VEB to refinance its foreign debts, including money owed to Dresdner Bank AG.
SBERBANK
Russia's largest bank provided mainly rouble credits in the past months but other-currency loans were still available:
- Fertiliser maker Akron (AKRNq.L) - $128 million
- Oil firm Rosneft (ROSN.MM) - 20 billion roubles ($552.9 million)
- Retailer Holiday - 4 billion roubles
- Retailer Kopeika - 4 billion roubles
- Steel firm MMK (MAGN.MM) - 3 billion roubles
VTB (VTBR.MM)
- Property developer Don-Stroy secured a $500 million loan to finish construction of several housing complexes.
- Property developer Sistema-Hals HALS.L agreed with VTB to restructure its $700 million debt and borrow an additional 7 billion roubles.
VTB also lent in roubles to:
- Coal miner SUEK - 9.66 billion roubles
- Steel maker Evraz (HK1q.L) - 10 billion roubles to pay taxes.
- Urals Mining and Metals Co (UMMC) - 4.8 billion rouble to replenish working capital of some units.
- Steelmaker MMK (MAGN.MM) - 4 billion rouble to raise working capital.
- Retailer Magnit (MGNTq.L) - 2.5 billion roubles
- Retailer X5 (PJPq.L) - 7 billion roubles
- Retailer Holiday - 2 billion roubles
- State diamond miner Alrosa - 44.2 billion rouble to redeem short-term debt.
- Food maker Wimm-Bill-Dann (WBD.N) - 3.2 billion roubles
GAZPROMBANK
- Mobile firm MTS (MBT.N) - 300 million euros
- Pipe maker TMK (TRMKq.L) - $1.1 billion to help it repay a loan it took last year to buy U.S. steel and tube making assets.
For a TAKE-A-LOOK on Russia's financial crisis see [ID:nCRISIS]
For a factbox on Russia's debt market see [ID:nLK443844]
(Reporting by Moscow bureau; Editing by Ruth Pitchford)
