Sistema Arranges RUB40 Billion Credit Facility to Meet Bashneft Settlement
February 19 2018 - 12:11PM
Dow Jones News
By Adam Clark
Russian conglomerate Sistema JSFC (AFKS.MZ) said Monday that it
has arranged a 40 billion-ruble ($709.4 million) credit facility in
order to meet its settlement agreement with Rosneft Oil Co.
(ROSN.MZ) and Bashneft (BANE.MZ).
Sistema said it has arranged the 180-day facility with the
Russian Direct Investment Fund, with an option for early
repayment.
In December, Rosneft said it and Bashneft had agreed a RUB100
billion out-of-court settlement with Sistema. The companies have
been involved in a number of legal disputes relating to Sistema's
stewardship of Bashneft from 2009, when it acquired the company,
until it was returned to state ownership by a court decision in
2014.
Rosneft is Bashneft's current majority shareholder.
Rosneft alleged that Sistema stripped Bashneft of its assets,
leaving it unable to operate.
Sistema disputed this account, and said that it was
restructuring Bashneft and preparing it for an initial public
offering.
Shares in Sistema were up 1.6% at RUB12.40 at 1628 GMT.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
February 19, 2018 11:56 ET (16:56 GMT)
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