OREANDA-NEWS. One of the leaders of the Russian cement industry, JSC EUROCEMENT group and Sberbank CIB, Sberbank's corporate and investment banking business have agreed on conditions for restructuring the company's loan portfolio1.

The restructuring involves postponing the repayment of loans worth a total of RUB 42 bln and 360 USD for up to 6 years, as well as optimising interest rates for the company's loan portfolio at Sberbank.

The conditions for restructuring the debt portfolio will enable JSC EUROCEMENT group to take a more flexible approach to financing its operational activities and help it achieve strategic goals.

"Sberbank CIB is a strategic partner of JSC EUROCEMENT group. This agreement will help us cut debt servicing costs and minimise the influence of negative macroeconomic factors on our company," commented Mikhail Skorokhod, President of JSC EUROCEMENT group.

Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank, Head of Sberbank CIB, commented: "The conditions that we agreed to are characteristic of our comprehensive approach and are a significant achievement for Sberbank CIB in supporting the Russian construction industry's major companies. Cooperation between Sberbank CIB and JSC EUROCEMENT group has always involved a high level of trust, which is extremely valuable to both companies. It is vital that we support our strategic partner in the current macroeconomic situation, and hope that our mutually beneficial partnership will continue to develop."