Urals Energy Public Company Limited Non-revolving finance arrangement with Sberbank (3214X)
20 February 2017 - 11:17PM
UK Regulatory
TIDMUEN
RNS Number : 3214X
Urals Energy Public Company Limited
20 February 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
20 February 2017
Urals Energy PCL
("Urals Energy" or the "Company")
Non-revolving finance arrangement with Sberbank
The Board of Urals Energy (AIM:UEN), the independent exploration
and production company with operations in Russia, is pleased to
announce that its subsidiary undertaking, JSC Petrosakh
("Petrosakh"), has entered into a new 24 month non-revolving CAPEX
credit facility (the "Loan") with the Sakhalin branch of OJSC
Sberbank of Russia ("Sberbank"). Under the Loan Sberbank will
provide, by way of several tranches, the sum of 50 million roubles
(representing approximately US$0.86 million at prevailing exchange
rates) to Petrosakh.
The key terms of the Loan are as follows:
-- repayable by 5 million roubles monthly installments, starting
from 14 May 2018. The final date of repayment is 13 February 2019
(the agreement also provides for early repayment of the Loan by
Petrosakh without incurring any penalties);
-- interest chargeable at the rate of 15.6% plus 1%., subject to
Petrosakh meeting monthly minimum average cash balances in its bank
account of 30% of the loan principal amount (15 million
roubles);
-- secured by way of a pledge over property of Petrosakh; and
-- the agreement provides for a parent company guarantee from
Urals Energy and a guarantee from Urals Energy's other operating
subsidiary, JSC Arcticneft.
The proceeds of the Loan will be used by the Company for
acquisition of the storage facilities for refined products in
Yuzhno-Sakhalinsk on Sakhalin Island (where Petrosakh operates).
The storage facilities include: land plot, railway siding and a
range of tanks. This acquisition will allow the Company to increase
turnover and net backs in new niches, small wholesale and retail,
as well as get substantial saving in commercial and transportation
expenses.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Brearley www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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