VTB is going to invest 38 billion of rubles in gas
VTB News. The "GAZ" OJSC shareholders held an extraordinary meeting on Friday December 2nd. As a result it caused into a decision to take a VTB loan in amount of 38 billion of rubles for seven years. This was on December 9th by the GAS press service.
The credit means provided by the VTB will be sent by the plant to refinance a syndicated loan of the GAS. The Bank is also involved in the companies' affairs according to the agreement cooperation.
Bo Andersson the GAZ Group president, thinks that the debt restructuring will give the company an opportunity to remove a number of financial constraints on capital investments that exist within the syndicate and reduce the servicing cost of the loan portfolio.
As the loan collateral will be used by surety companies operating out of the GAZ Group and a pledge of property and shares.
The VTB has signed an agreement with the GAZ on cooperation in the late autumn of 2011 during a visit
of by Russian President Dmitry Medvedev and Prime Minister Vladimir Putin to the factory.
The GAZ group is the largest Russian automobile holding for the present day.
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