OREANDA-NEWS. On 22 August 2008 was announced, that the Board of Directors of PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS & MICEX: NMTP) voted to call an Extraordinary General Shareholders Meeting to approve a USD  49.8 mln. loan to its subsidiary -- Novoroslesexport (NLE). The deal is subject to EGM approval as a related party transaction.

The loan of up to USD  49.8 mln. will be granted to NLE for three years at the maximum annual interest rate of 7.5%. The purpose of this loan is to alleviate NLE’s debt burden by refinancing a number of old credits at better terms, and to improve the NCSP’s general debt structure by increasing the share of unsecured debt.

The decision to call an EGM was passed on August 20, 2008. Record date for EGM is August 21. 2008. The EGM will be held in the form of absentee vote, ballots are accepted through September 26, 2008.