Belaruskali’s debt will be payment from the new loan
12:50, — Economics
Sberbank CIB has granted Belaruskali with a three-year credit in the amount of $1 billion.
Sberbank of Russia provides the credit services. Belaruskali has used the acquired funds to refinance the current syndicated bridge loan, as the press service of Sberbank CIB reported.
During 2012 Sberbank CIB and Belaruskali have been negotiating the terms of refinancing of the one-year syndicated bridge loan in the amount of $1 billion, which had been granted to Belaruskali by Sberbank of Russia and the Eurasian Development Bank.
During the discussion various options of refinancing were considered. Following the negotiations the parties have chosen refinancing with embedded cross-currency interest rate swap, as Sberbank CIB reported Sberbank CIB. This option allowed to get the acceptable for the Belarusian party interest rate under the credit.
Head of Sberbank of Russia Herman Gref and the President of Belarus Alexander Lukashenko agreed on refinancing the syndicated loan of Belaruskali during the meeting held on October 25th. Earlier on, the administration of the enterprise announced about early single payment of the credit.