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Eurocement Group and Sberbank CIB find solution

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World Cement,

The Eurocement Group and Sberbank CIB have agreed the terms of a deal to restructure their loan portfolio.

The restructuring involves the postponement of repayment of loans of RUB 42 billion RB and US$360 million for up to 6 years, as well as optimisation of the interest rate on company’s loan portfolio at Sberbank

Terms of the restructuring of the debt portfolio will enable Eurocement to build a more flexible funding for their operations and move towards the achievement of strategic objectives.

“The agreement will allow us to reduce the cost of servicing the debt portfolio, as well as minimising the negative impact of macroeconomic factors on the activities of the company", said the President of Eurocement Mikhail Skorokhod.

Oleg Ganeev, Deputy-Chairman of the Board of Sberbank, said "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.

Edited from source by Joseph Green. Source: Eurocement

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