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BRIEF-FESCO shareholders approve raising up to $750 mln credit from VTB
October 31, 2017 / 7:56 AM / 21 days ago

BRIEF-FESCO shareholders approve raising up to $750 mln credit from VTB

Oct 31 (Reuters) - FESCO:

* SAYS ITS SHAREHOLDERS HAVE APPROVED RAISING UP TO $750 MILLION CREDIT FROM VTB BANK

* THE CREDITOR IS THE COMPANY‘S UNIT, VLADIVOSTOK COMMERCIAL PORT

* UP TO $715 MILLION OF THE TOTAL CREDIT AMOUNT CAN BE USED TO BUY BACK AND REDEEM ITS EUROBONDS AND ROUBLE BONDS

* UP TO $35.1 MILLION OF THE TOTAL CREDIT AMOUNT CAN BE USED TO REFINANCE CREDIT WITH VTB BANK (DEUTSCHLAND) AG

* THE CREDIT WILL BE PROVIDED IN THREE TRANCHES

* VTB WAS READY TO PROVIDE A LOAN OF $500-550 MILLION TO FESCO IF IT SUCCEEDED IN RESTRUCTURING ITS DEBT WITH BONDHOLDERS, VTB FIRST DEPUTY CHIEF EXECUTIVE YURI SOLOVYOV SAID ON MONDAY

Source text - bit.ly/2yYHSjx

Further company coverage: (Gdynia Newsroom)

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