OREANDA-NEWS.  On 6 February 2013 AB Klaipedos Nafta (hereinafter, the “Company”) concluded the Overdraft Facility Agreement with the winner of the public procurement “Procurement of Overdraft Services” by way of negotiated procedures with publication of a tender notice Nordea Bank Finland Plc (hereinafter, the “Bank”). On the intention to announce the procurement of the aforementioned financial service the Company notified on 16 October 2012, on announcement thereof – on 9 November 2012 and on the winner of the procurement – on 18 January 2013, by announcing the notifications on material event.


The main conditions of the signed Overdraft Facility Agreement inter alia include the following:
(i) amount of the overdraft – LTL 120,000,000 (one hundred and twenty million). Upon the unilateral request of the Company, the amount of the overdraft may be increased by 30%, i.e. up to LTL 156,000,000 (one hundred and fifty six million);

(ii) the overdraft is provided for a term until 30 June 2015, with a possibility to extend the agreement for an additional term of 12 months under conditions which may not be worse;

(iii) the overdraft interest: the base interest rate – 3 months’ VILIBOR and the Bank’s interest margin – no more than 0.94%.

The Company also informs that according to the agreement the overdraft payment terms are provided, which inter alia will include the formalization of the securities for the obligations of the Company – conclusion of the agreement for assignment of the rights of claim to the receivable funds intended for covering all or some of the expenses of installation of the liquefied natural gas terminal, its facilities and the connection.

Furthermore without the advance consent of the Bank the obligation not to pay dividends to the shareholders of the Company until provision of the deed of completion of construction of the liquefied natural gas terminal to the Bank is foreseen in the Overdraft Facility Agreement. This provision would come into effect after the Government of the Republic of Lithuania passes a resolution establishing that the manager of the shares in AB Klaipedos Nafta owned by the Republic of Lithuania has the right to take (or is authorized to take) decisions for AB Klaipedos Nafta not to pay dividends till the receipt of the deed of completion of construction of the liquefied natural gas terminal project.

The Agreement shall enter into force upon the approval of the general shareholder meeting of Klaipedos nafta, AB, as provided for in Article 16.10 of the Articles of Association of Klaipedos nafta AB.