News22.12.2011“RussNeft” refinanced the UniCredit debt at the rate of Libor +4.5%, reduced the amount of indebtedness by 15%
Moscow. Moscow. December, 22. INTERFAX-ANI-NK “RUSSNEFT” (RTC: RUSN) refinanced a part of its debt at the rate of LIBOR + 4.5% per annum under the loan of ZAO “UniCredit Bank”. An agreement to that effect was signed in the beginning of December 2011, as said in “RussNeft” report. The signed loan agreement “determines the interest rate guide for potential creditors of the holding”, the statement says. On the whole, in 2011 the Company reduced the amount of the indebtedness by 15% - from US$ 6, 208 billion to US$ 5, 061billion.
“Gradual reduction of the interest burden will enable OAO NK “RussNeft” to assign the released funds to implementation of investment projects – mainly, building up of hydrocarbon stock production, exploration and gas projects development” –is mentioned in the statement.
Source: “Interfax”
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