Steppe Cement Limited Refinancing and extension of loans (4147Q)
November 29 2016 - 3:33AM
UK Regulatory
TIDMSTCM
RNS Number : 4147Q
Steppe Cement Limited
29 November 2016
29 November 2016
Steppe Cement Ltd
Refinancing and extension of loans
Steppe Cement Ltd ("Steppe Cement") announces that its
subsidiaries have refinanced the outstanding loans with VTB Bank
(Austria) AG and VTB (France) SA ("VTB") with credit facilities
from Halyk Bank Kazakhstan ("Halyk Bank") based on the following
terms:
-- USD 5.5 million due in November 2016 has been refinanced in
USD at an interest rate of 6% per annum, with repayment to be made
in 3 tranches: USD1.5 million in July 2017; USD2 million in July
2018; and the final USD 2 million in November 2018.
-- USD 9.8 million outstanding for the purchase of 330 wagons in
2014 has been refinanced in USD at an interest rate of 6.5% per
annum to be repaid in equal payments for 60 months until November
2021.
The refinancing exercise allows Steppe Cement to spread the
repayment of principals over the coming years and paves the way to
pay dividends consistently once the cement market demand
recovers.
The Company is thankful to VTB for the support given over the
last few years and welcomes Halyk Bank to finance its long-term
financing requirements.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian
Limited.
Nominated Adviser: Contact Stephen Allen or Oliver Morse at +61
8 9480 2500.
Broker: Contact Charlie Cryer at +44 20 3440 6800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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