Integra Group (LSE:INTE) secured a new credit line in the West-Siberian Bank of Sberbank of Russia in the amount of RR 6 billion. The tenor of the line is 7 years, with repayment starting from the 5th year of the loan.
The loan is secured by equity stakes in two operating subsidiaries of the Group and certain fixed assets. The proceeds will be used to refinance the short-term debt of the company, for capital expenditures and financing of further business development.
“This new line will considerably improve our debt structure, reduce cost of funding, mitigate currency risks and will provide resources for further investment in business development. We are grateful to Sberbank for another major milestone in our long-term relationship and understanding of Integra’s business model”, commented Yuri Baidoukov, CFO of Integra Group.
“This decision confirms the strategic vector of the relationship between Sberbank and Integra and is the outcome of our joint strive for the highest results. We are interested in further development of our multilateral co-operation with Integra and are grateful for choosing Sberbank of Russia as its financial partner”, said Sergey Maltsev, Chairman of West-Siberian Bank of Sberbank of Russia.
Integra Group is a leading FSU-based independent diversified oilfield services provider and is also a manufacturer of specialized equipment used in the exploration, development and production of oil and gas. Integra operates in all major oil and gas producing regions in Russia and in many other CIS countries, where its customer base includes major domestic and international oil and gas companies.
Established in March 2004, Integra Group has, through 17 strategic acquisitions, become one of the leading companies in the oilfield services and equipment manufacturing sectors of the Russian market and employs more than 15,000 people.
Since February 27, 2007 Integra Group has been traded on the London Stock Exchange (symbol: INTE).
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