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Russia's Novorossiysk Commercial Sea Port raises $2.1 bln loan from VTB

June 22, 2016, 10:28 UTC+3
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MOSCOW, June 22. /TASS/. Russia’s Novorossiysk Commercial Sea Port (NCSP) raises a $2.1 bln loan from VTB for a seven-year period, according to the documents released by the company on Wednesday.

The contract stipulates a loan worth no more than $1.5 bln and a loan facility in the amount of no more than $600 mln, which equals to 137.42 bln rubles, or 116.67% of the cost of the company’s assets as of March 31, 2016, the report said.

NCSP Group is the leading stevedoring company in Russia and the third largest European port operator by cargo turnover, which consolidates PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.

NCSP shares are owned by the joint venture of Summa and Transneft (50.1%), Rosimuschestvo (20%), Russian Railways (5.3%) and a subsidiary of Transneft - ZAO Transneft-Service (10.5%), the remaining shares are held by minority shareholders and are in free float.

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