RusForest Receives USD 5 mn Investment Loan from Sberbank
OREANDA-NEWS. February 27, 2012. RusForest AB has been granted a long-term investment loan in the amount of USD 10.5 million from the East-Siberian Branch of Sberbank. Today RusForest received the first tranche of USD 5 million, as the company said in a press release received by Lesprom Network.
The process of finalizing the credit terms and registering the necessary collateral has been on-going since December. The loan matures in seven years and is granted at market terms. The second tranche of the loan is expected to be paid out in April 2012.
RusForest is forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 3.6 million cubic metres, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its pine and larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.