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Russian automaker GAZ invests 10 billion in 2012

GAZ Group the largest manufacturer of commercial vehicles in Russia has exceeded its investment volume over 10 billion of rubles in 2012.

It has been announced by Evgenij Belinin the Vice President for Finance. "The Investment program will reach 10 billion of rubles to the next year," - says, RIA Novosti.

He has recalled the GAZ Group could not invest more than 1 billion of rubles a year according to the terms and conditions of the credit for 37.5 billion of rubles received in 2010. A loan from VTB Bank for 38 billion of rubles has been initiated in early November 2011 in order to replace the loan and the financing of investment projects. According to Mr. Belinina, the GAZ Group plans to repay the syndicated loan until the end of this year.

He has also added that GAZ Group is considering a possibility of accommodation of the bonds of 6 billion of rubles in the next two years including the European market. "When the conditions for placement of bonds are good enough, then we use these terms," - says Mr. Belinin, adding that the attracted funds can be directed not only to finance investment but also to refinance the current debt of the company.

18 November 2011
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