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13.07.10

Raiffeisen Arranges a US$ 300 Million Club Loan for Acron

ZAO Raiffeisenbank and Raiffeisen Zentralbank Österreich AG (RZB) have signed a US$ 300 million loan facility agreement with Acron.

Acron obtained the three-year loan to finance its current business operations and partially refinance its current debt. The interest rate on the loan is LIBOR+4.15%. The loan will be repaid in thirty equal monthly instalments after the end of a seven-month grace period.

Investors have already shown interest in the transaction, which is structured as a pre-export finance facility. Raiffeisenbank and RZB are the arrangers and lenders having underwritten the total loan amount. RZB is also the Agent.

Acron Vice President for Finance Oscar Valters: We would like to thank Raiffeisen for their excellent work arranging this transaction, which has raised significant funds for Acron Group. The beneficial transaction terms are still further proof that Acron is a first-rate reliable borrower on the debt capital market. Besides, the favourable loan market environment helps streamline the Companys debt structure.

Raiffeisenbank Board Member, Head of Corporate Banking and Corporate Finance Directorate Oana Panchenko: Acron is one of the first companies in the mineral fertiliser sector that have entered the syndicated (club) loan market this year. The chosen secured pre-export loan structure ensured the success of the transaction. I believe the club loan arranged by Raiffeisen will be another milestone in our cooperation with Acron.

Acron is a leading Russian and global mineral fertiliser producer with a diversified product portfolio consisting of multi-nutrient fertilisers such as NPK and bulk blends, and straight nitrogen-based products such as urea, ammonium nitrate and UAN. In 2009, the Groups output of ammonia and mineral fertilisers (exclusive of own use) totaled 4.4 million tons. The Groups key markets are Russia, China and other Asian countries, Europe, Latin America, and FSU countries.

Acron employs over 13,000 people In 2009 the Groups consolidated revenues under IFRS were RUB 37,542 million (US$ 1,182 million), and net income was RUB 7,256 million (US$ 228 million). Acrons ordinary shares are listed and traded on the MICEX, RTS and LSE stock exchanges under the symbol AKRN.

Acron has three production facilities  Acron (Veliky Novgorod, Russia), Dorogobuzh (Smolensk Region, Russia) and Hongri Acron (Shandong Province, China). Acrons logistics and transportation capabilities include its own fleet of railway cars and three sea port trans-shipment facilities on the Baltic Sea  at the Kaliningrad port of Russia, at the Estonian Sillamae port and at the Estonian Muuga port. The Group operates distribution networks in Russia and China.

Acron plans to enhance its vertical integration and secure supplies of phosphate and potash inputs through the development of its own mineral resource base. The Group owns licences to develop two apatite-nepheline ore deposits in the Murmansk region and a potassium-magnesium salts deposit in the Perm region (both located in Russia).


ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on Q1 2010 results (Interfax-CEA). Raiffeisenbank is recognized as a leader on the Russian corporate bond market. In 2001-2009 Raiffeisenbank acted as a lead manager or co-manager for 163 corporate bond issues with a total nominal value of RUR 582 billion.

Raiffeisen International Bank-Holding AG, the owner of Raiffeisenbank, operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The groups nearly 56,000 employees service around 15 million customers via more than 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), which owns 72.8 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group.

 

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