Amtel raises €46 million credit with Moscow banks

Moscow - Amtel-Vredestein NV said its subsidiary, OJSC Amtel-Vredestein, along with CJSC Moscow Tyre Plant-M, has secured three lines of credit totaling rouble 1600 million (€46 million)) with Sberbank to finance costs associated with its acquisition of the Moscow Tyre Plant -- including the refinancing and restructuring of the factory's debts.

The first credit line of 1.25 billion RUR (€36 million) will be opened for OJSC Amtel-Vredestein for a period of 7 years. It will be used to finalise the 100% acquisition of CJSC Moscow Tyre Plant-M's shares and 100% of the shares of LLC ShinTech.

The second credit line of Rbl 140 million (€4 million) will be opened on behalf of CJSC Moscow Tyre Plant-M and available for period of 5 years. It will be primarily used to refinance existing bank loans of the company.

The third credit line of Rbl 210 million (€6 million) will also be opened on behalf of CJSC Moscow Tyre Plant-M and available for a period of 7 years. It will be used to finance ongoing investments, including equipment purchases.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Amtel

Amtel Vredestein relies to raise a credit. AK&M (Russia)