PJSC “RUSSNEFT” SHAREHOLDERS APPROVED VTB $1.3 BILLION LOAN RESTRUCTURATION
Moscow. PJSC “RussNeft” shareholders agreed bringing forward the VTB $1.3 billion loan repayment for three years.
This decision was made on the extraordinary meeting on January 24.
The loan agreement with VTB for provision of $2.3 billion was signed on May 6, 2015, and the Company has already repaid $1 billion out of the total amount.
Restructuration provides for more comfortable terms for the Company: extending the repayment period to 2026 (from the original 2023) with a light adjustment of the interest rate, RussNeft representative told earlier to Interfax.
According to the Company, such extension increases the interest rate by 0.5 percent point.
The price for buyout of the Company’s shares from the shareholders who did not participate in the voting is determined as 503.99 RUB per share.
The RussNeft ordinary share market value estimation for their possible redemption from the shareholders was made by an independent appraiser on the basis of the statements of the Company under RAS for 9 months of 2016. This explains the discrepancy against the shares placement price and the current quotation at the Moscow Exchange. The appraiser did not use the market quotations, since the shares have been being traded at the exchange for less than one month, the Company’s representative explained to Interfax.
Thus, one RussNeft share was 559.7 RUB at the Moscow Exchange as of 05:10 PM (Moscow time) on Friday.
At the IPO, the Company’s shareholder placed shares for 550 RUB per share.