RusHydro Group’s financial debt goes down by RUB 26 billion
OREANDA-NEWS. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's financial debt is reduced by RUB 26 bn.
RusHydro Group’s total debt load decreases as its financial debt went down by RUB 26 bn following exclusion of guarantee obligation between PJSC RusHydro and Vnesheconombank on PJSC Boguchanskaya HPP loan given out by the bank in 2011.
On February 7, 2018, an Agreement to terminate the guarantee between PJSC RusHydro and Vnesheconombank was signed. The lending bank supported the termination following construction completion and HPP reaching full capacity, PJSC Boguchanskaya HPP’s stable financial and operational results and its ability to service the loan independently. Since 2011, PJSC Bogushanskaya HPP has been servicing the loan in full.
Nikolay Shulginov, Chairman of the Management Board - General Director stressed importance of the Agreement: “For RusHydro, cancelation of the guarantee means not just reduction of debt load, but expression of high level of trust on behalf of Vnesheconombank, our partner in large-scale investment projects”.Earlier the Board of Directors instructed the management to negotiate cancelation of the guarantee on the loan to Boguchanskaya HPP. UC RUSAL, the second shareholder of Boguchanskaya HPP, supported the initiative as well.