OREANDA-NEWS. JSC “The Seventh Continent” (further referred to as the Company) has signed the USD 36 mn. facility Loan agreement with the Black Sea Trade and Development Bank (BSTDB) with 3-years maturity. 

The Loan terms include semi-annual interest periods and the grace period. The interest rate is established as 6-month LIBOR + 1.5%. Thus the interest rate for the first interest period is approximately 6.8% annually.

Earlier this year, on June 21, 2007 the Company placed 5-year bonds (02 series, registration number 4-02-00462-H dated 26/12/2006), raising RUB7 bn.

In September 2005 the Company has acquired the loan from Dresdner Bank AG London Branch in the amount of USD 90 mn. with 2-years maturity and 7,25% interest rate. On 27 th of September 2006 the Company has repaid USD 58.2 mn. of principal loan amount. The rest of the Dresdner Bank AG London Branch loan amount is to be paid in September 2007.

The executed successful projects of debt financing accompanied by the improvement of the credit terms represent the strong financial position of the Company and its reputation as a secure borrower.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.  The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,5 billion), the Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.