Sberbank opens $357M credit line for Russian power producer TGK-1
What's the deal? SberbankDealroom has a profile for this one. Try Dealroom → has opened a revolving credit line of US$450.8M (roughly $357 million) for TGK-1Dealroom has a profile for this one. Try Dealroom →, the St Petersburg-based electricity and heat producer. The facility equals 14.8% of the company's total assets and runs until December 31, 2029. The interest rate was not disclosed.
What's the endgame? TGK-1 said the money will fund its operating, financial, and investment activities. The company, part of Gazprom Energoholding, runs 51 power plants across St Petersburg, Karelia, the Leningrad region, and the Murmansk region.
The numbers: TGK-1 reported on August 5 that net profit under IFRS nearly tripled to US$111.5M, up from US$42.4M a year earlier. EBITDA rose 59.26% to US$264.5M, while comparable operating profit climbed 114.8%.
Why now? The credit line lands days before a pivotal shareholder vote. On October 20, investors will consider a share issue of 3.55 trillion new ordinary shares, which could lift the charter capital 1.9 times to 7.4 trillion shares.
The signal: At roughly $357 million, the facility ranks above the 91st percentile of all debt rounds tracked in Russia, pointing to steady lender appetite for the country's large, state-linked energy producers.
Read more: vedomosti.ru
Image credit: martin_vmorris
