RusHydro secures two export credit facilities in total amount of EUR 190 mn for modernization of Saratovskaya HPP
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that Crédit Agricole Corporate & Investment Bank (“Crédit Agricole CIB”) and ING Bank, a Branch of ING-DiBa AG (“ING Bank”) arranged two export credit facilities in favor of RusHydro: a 14-year facility in the amount of EUR 95.4 mn and a 15-year facility in the amount of EUR 94.9 mn. Both credit facilities are guaranteed by the Austrian export credit agency, Oesterreichische Kontrollbank AG (“OeKB”). Crédit Agricole CIB acted as Facility Agent, MLA and Lender of the financing, while ING Bank acted as Documentation Agent, MLA and Lender.
The transaction was approved by the Board of Directors of RusHydro on November 13, 2013, and does not increase the volume of the Company’s open foreign exchange position, but only replaces its current liabilities denominated in foreign currency with the longer-term liabilities.
The facilities will be used to continue modernization of the Saratovskaya HPP through replacement of 8 hydro units of the plant with up-to-date eco-friendly turbines manufactured by Voith Hydro GmbH & Co. KG (“Voith”), one of the world’s leading suppliers of hydropower equipment and a world leader in designing and constructing hydropower turbines for over 100 years. The transaction was successfully closed due to the strong support and cooperation of RusHydro, as well as coordination between ING and CACIB during structuring and closing of transaction.
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s fifth largest bank by total assets (The Banker, July 2013).
ING DiBa AG (ING Bank) is the third largest retail bank in Germany providing banking services to private clients.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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