Urals Energy Public Company Limited Revolving finance arrangement with Sberbank (3456K)
20 Settembre 2016 - 1:58PM
UK Regulatory
TIDMUEN
RNS Number : 3456K
Urals Energy Public Company Limited
20 September 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
20 September 2016
Urals Energy PCL
("Urals Energy" or the "Company")
Revolving finance arrangement with Sberbank
The Board of Urals Energy PCL (AIM:UEN), the independent
exploration and production company with operations in Russia, is
pleased to announce that its subsidiary undertaking, JSC Petrosakh
("Petrosakh"), has entered into a new 18 month revolving working
capital credit facility (the "Loan") with the Sakhalin branch of
OJSC Sberbank of Russia ("Sberbank") under which Sberbank will
provide, by way of several tranches, the sum of 300 million Russian
Roubles (representing approximately US$4.6 million at prevailing
exchange rates) to Petrosakh.
The key terms of the Loan are:
-- repayable on 16 March 2018 (the agreement also provides for
early repayment of the Loan by Petrosakh without incurring any
penalties);
-- interest chargeable at the rate of 13.0% plus 1%, subject to
Petrosakh meeting monthly turnover targets and having minimum
average cash balances in its bank account of 5% of the Loan's
principal amount;
-- secured by way of a pledge over property and cash flows from Petrosakh; and
-- the agreement provides for a parent company guarantee from
Urals Energy and a guarantee from Urals Energy's other operating
subsidiary, Arcticneft.
The outstanding principal amount of the existing loan, entered
into between Sberbank and Petrosakh in June 2015, is 148 million
Russian Roubles. This amount is to be repaid to Sberbank out of
Petrosakh's operating cash flows by 15 December 2016.
The proceeds of the new Loan will be used by the Company to
finance fluctuations in working capital requirements at Petrosakh.
The Board intends to use Petrosakh's operating cash flow to
progress the 2017-2018 development programme of the recently
acquired South Dagi license, as well as to fund the capital
expenditure required to minimise the decline in current production
at Petrosakh and upgrade its plant and equipment.
- Ends -
For further information, please contact:
Urals Energy Public Company
Limited
Andrew Shrager, Chairman Tel: +7 495 795
0300
Leonid Dyachenko, Interim www.uralsenergy.com
Chief Executive Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20
3328 5656
Alex Brearley www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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