OREANDA-NEWS. June 27, 2013. Sberbank CIB will open for Interros several lines of credit in both US dollars and rubles of up to USD2.2 bln for a period five years. The funds will be used to refinance part of Interros’s current loan portfolio and will also be invested in the company’s projects.

The deal, which is being put together by the joint Sberbank CIB team, includes a cross-currency swap for the ruble lines of credit. 

Olga Zinovieva, First Deputy CEO, Deputy Chairman of the Management Board of Interros, commented: “In recent years, Interros has systematically worked on lowering its general debt level and optimizing its loan portfolio. These lines of credit which were put together with our colleagues from Sberbank CIB will help reduce the burden on our investment projects and significantly reduce the cost of servicing our debt, in part by allowing us to repay our more expensive loans.”

Alexander Bazarov, Member of the Management Board, Senior Vice President of Sberbank of Russia, and Co-head of Sberbank CIB, added: “The Sberbank team has been collaborating with Interros for a long time. The company’s business is developing in a stable fashion and consequently has new needs to be met. We, as a flexible universal bank, are always prepared to meet any—even the most unusual—client request. It’s important to note that the Sberbank CIB team worked on structuring the deal. The team’s diversified expertise allowed the client’s multifaceted needs to be taken into account and an effective solution to be found. We are pleased to have once again been part of the large-scale achievements of the company and remain interested in the possibility of financing future projects.”