July 30, 2018 / 9:53 AM / 9 months ago

Russia's Sistema raises loan with Otkritie to refinance debt

MOSCOW, July 30 (Reuters) - Sistema has raised a loan worth 15 billion roubles ($239 million) from Otkritie Bank, the Russian business conglomerate said on Monday.

The new loan and the use of the company’s own funds to the amount of 5 billion roubles has allowed Sistema to repay the 40 billion rouble loan arranged by the Russian Direct Investment Fund (RDIF) and financed by Gazprombank in February for the execution of obligations under the settlement agreement with Bashneft and Rosneft.

Prior to that Sistema used credit from Sberbank, Russia’s largest lender, to refinance 20 billion roubles from the RDIF/Gazprombank loan.

“Securing the Otkritie Bank loan removes the pledge from Sistema’s shareholding in Detsky Mir (52.099 percent), lengthens the tenor of the company’s debt portfolio and establishes a more manageable repayment schedule,” said Vladimir Travkov, Sistema Chief Financial Officer, said in a statement. ($1 = 62.6815 roubles) (Reporting by Anastasia Teterevleva; writing by Polina Devitt; editing by Louise Heavens)

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