December 29, 2011
Sberbank of Russia and Acron Group Sing a Master Agreement on Opening a USD 100 Million Limit
Sberbank of Russia and Acron Group represented by Acron and NWPC have executed a Master Agreement setting a total limit of USD 100 million for trade financing operations which will cover loan agreements, non-revolving credit facility agreements and uncovered letters of credit with a term of up to 96 months (8 years).
The loan funds will be spent to finance purchase of imported equipment, including from a Russian supplier (a subsidiary or distributor of a foreign producer).
Andrey Ivanov, Head of Trade Financing and Financial Institutions at Sberbank:
"This transaction is a telling example of the changes being underway in Sberbank. For the first time ever, the bank has provided a complex highly structured product, which includes nearly all available trade and export financing instruments. We are glad that Acron Group, Sberbank's long-standing partner, is our partner in this transaction. We are convinced that the transaction will help further promote cooperation between Sberbank and Acron Group."
Oscar Valters, Acron Senior Vice President:
"Acron Group has been a regular customer of Sberbank for over a decade. We highly value our business relations with the bank and would like thank its employees for high professionalism. We also appreciate Sberbank's participation in challenging investment projects. The financial support provided to Acron Group will help its further growth and technological equipment upgrade as part of a large-scale investment programme envisaging the construction of new facilities."
For Further Information:
Acron
Ms. Elena Kochubey - Tel: +7 (495) 777 08 65
Head of Public Relations
Mr. Ilya Popov - Tel: + 7 (495) 411 55 94 (ext. 5252)
Head of Investor Relations
Notes to editors
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 2010, the Group's output (exclusive of own use) totaled 5.8 million tonnes. The Group's key markets are Russia, China and other Asian countries, Europe, Latin America, and FSU countries.
Acron
employs over 13,000 people In 2010 the Group's consolidated revenues under IFRS were RUB
46,738
million (US$
1,538
million), and net income was RUB
6,279
million (US$
207
million). Acron's ordinary shares are listed and traded on the MICEX, RTS and LSE stock exchanges under the symbol "AKRN".
A
cron has three production facilities - Acron (Veliky Novgorod, Russia), Dorogobuzh (Smolensk Region, Russia) and Hongri Acron (Shandong Province, China). Acron's 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 Sillamäe 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).
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Source: ACRON via Thomson Reuters ONE
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