DTEK Energy Operating Company in the framework of restructuring its loan portfolio will transfer Obukhovskaya mine directorate (the Russian Federation) together with borrowings of $436 million to DTEK strategic holding for direct control.
According to the press service of the holding, this will allow to reduce the loan portfolio of DTEK Energy that will improve the company’s financial performance.
Commitments to service the loans will be transferred to Obukhovskaya and will be performed at the expense of its activities. The term of lending to Obukhovskaya is five years with the possibility of prolongation of the agreement for another five years.
The press service noted this transaction provided for the reduction of the loan portfolio of DTEK Energy by 17% that would help improve the financial performance of the operating company.
Obukhovskaya mine office includes OJSC Obukhovskaya mine directorate, OJSC Donskoy Anthracite and Sulinanthracite LLC. The industrial reserves of coal of the assets acquired are estimated at 136 million tons. (Interfax/Business World Magazine)