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Integra brochure
(pdf - 1.6 mb)


February 19, 2009

Integra Group completes US$250 million loan deal with EBRD and a syndicate of banks

http://www.rbc.ru

Integra Group has finalized a US$250 million loan deal with EBRD and a syndicate of banks. According to the press service of the company, the facility extension envisages several tranches amortising over three to five years. First drawdown is anticipated on February 25, 2009.

EBRD will provide US$75 million while US$175 million will be co-financed by a syndicate of commercial lenders, including BNP Paribas, ING, VTB Deutschland, Royal Bank of Scotland, Alfa Bank, Commerzbank, Morgan Stanley and Aljba Alliance. The loan is secured by pledges of shares of the main operating subsidiaries and selected fixed assets as well as by a conditional assignment of certain contract receivables.

According to Integra, under the loan agreement made in December 2008, the initial amount of the loan was up to US$300 million but it was reduced due to a reduction in required hard currency refinancing of the outstanding ruble denominated loans because of a significant depreciation of the Russian ruble.

The proceeds will be used to refinance Group’s short-term debt as well as to fund certain capital expenditures and the agreed Environment Action Plan (EAP), more specifically, US$135 million settlement of the bridge loan with ABN AMRO and ING Bank N.V., RUR 2 billion (US$57.1 million) settlement of 1st tranche of Russian ruble bonds, US$25.1 million settlement of other short-term bank debt, and US$26.5 million capex financing.

Once the short-term debt is refinanced, Integra Group will have the outstanding debt of US$103.4 million (excluding the loan from EBRD). For the debt repayment, the company does not anticipate any additional external borrowings and intends to service and settle existing debt from its operating cash flow.

Integra Group is an independent diversified provider of oilfield services. Established in 2004, Integra has consolidated about 40 oilfield services providers and manufacturers of equipment for oil and gas industries in Russia and other CIS countries. In February 2007 Integra Group effected its IPO which generated net revenue of US$570.6 million. Integra Group’s Global Depositary Receipts (GDR) have been traded on the London Stock Exchange.