Aton Comments Integra Secures RUR 6 bln Credit Line from Sberbank
OREANDA-NEWS. August 5, 2011. Integra today (4 Aug) reported that it has secured a RUB6bn (USD 210mn) credit line for seven years from Sberbank. According to the company’s statement, the new loan will help Integra to improve its debt structure and reduce the cost of funding. It will also provide funds to be used for business development, the statement said.
Integra's net debt reached USD 170mn on 15 Apr 2011. The company must make principle payments of USD 36mn in 2H11 and USD 107mn in 2012. We estimate its 2011E total debt/EBITDA ratio at 1.2x. If Integra decides to use the credit line in full this ratio could reach 2.6x, which is close to the top end of the comfortable range (defined as 3x). However, we do not believe that Integra will use the credit line in full in the near term. Rather, we think it will use the funds as additional financial support when it is in need of cash.
Bottom line
The new credit line may improve Integra’s debt structure and costs, so it should have a positive impact on its financials in the long term. In the short term, the news is unlikely to have any impact on the stock due to the negative background on global markets.
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