RusHydro Secures Two Export Credit Facilities
OREANDA-NEWS. JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that Credit Agricole Corporate & Investment Bank (“Credit Agricole CIB”) and ING Bank, a Branch of ING-DiBa AG (“ING Bank”) arranged two export credit facilities in favor of RusHydro: a 14-year facility in the amount of EUR 95.4 mn and a 15-year facility in the amount of EUR 94.9 mn. Both credit facilities are guaranteed by the Austrian export credit agency, Oesterreichische Kontrollbank AG (“OeKB”). Credit Agricole CIB acted as Facility Agent, MLA and Lender of the financing, while ING Bank acted as Documentation Agent, MLA and Lender.
The transaction was approved by the Board of Directors of RusHydro on November 13, 2013, and does not increase the volume of the Company's open foreign exchange position, but only replaces its current liabilities denominated in foreign currency with the longer-term liabilities.
The facilities will be used to continue modernization of the Saratovskaya HPP through replacement of 8 hydro units of the plant with up-to-date eco-friendly turbines manufactured by Voith Hydro GmbH & Co. KG (“Voith”), one of the world's leading suppliers of hydropower equipment and a world leader in designing and constructing hydropower turbines for over 100 years. The transaction was successfully closed due to the strong support and cooperation of RusHydro, as well as coordination between ING and CACIB during structuring and closing of transaction.
Credit Agricole CIB is the Corporate and Investment Banking arm of the Credit Agricole Group, the world's fifth largest bank by total assets (The Banker, July 2013).
ING DiBa AG (ING Bank) is the third largest retail bank in Germany providing banking services to private clients.
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