As it became known to Kommersant, Sheremetyevo Airport and its main lender VEB have agreed to restructure the debt of about $500 million. The loan was granted for the construction of Terminal D and was taken by the airport in 2012 with the consolidation of assets. According to Kommersant, the restructuring of the loan period was decided to extend for ten years, and the rate would reduced to 7,4%. In the near future, the airport can also restructure the VTB loan for $97 million.
Management of Sheremetyevo Airport (AO ASh; 31.5% of shares owned by the Federal Property Management Agency, 68.4% by Sheremetyevo Holding, belonging to the Cyprus TPS Avia Holding Ltd, in which more than 65% in trust for the benefit of families of Alexander Ponomarenko and Alexander Skorobogatko, less than 35% indirectly owned by Arkady Rotenberg) and the main creditor of the company, VEB, in late 2016 agreed to restructure about $500 million of debt, told Kommersant the sources familiar with the situation. AO Ash owns 86.8% of shares of AO Sheremetyevo International Airport (MASH), which is the operator of the airport. Sheremetyevo and VEB representatives have confirmed to Kommerstant that a deal on restructuring was closed in December last year. Now the airport's debt to VEB is $533 million, to VTB - $97 million.
This is a loan that was transferred to the airport from OAO Terminal, which in April 2012 was attached to the AO Sheremetyevo International Airport. Terminal was established in 2003 for the construction of Terminal D, which was financed by VEB and VTB; it took $1.1 billion from the banks ( $947 million from VEB). At the beginning of 2016 the general director of Sheremetyevo, Mikhail Vasilenko, said that the debt of the airport to VEB was $551 million, and to VTB -. $128 million. He added that "the banks that gave loans had no desire to let Sheremetyevo slip from their firm hand, especially in times of crisis," as the airport was"a good borrower and constantly generated money." Therefore MASH negotiated restructuring (including VTB's loan). And in early 2014, MASH studied the possibility of early repayment of the loan to VEB. The company filed the proposal to the Federal Property Management Agency and state corporation (the then principal shareholder MASH), stating that "due to the revaluation of ruble almost all income was spent on debt servicing."
According to a source of Kommersant familiar with the situation, VEB has agreed to lower the bid for AO ASh to 7.4% and to extend the loan period to ten years (maturity date under the previous conditions without revealing the bid, according to unofficial data, amounted to 8.33%). The new arrangements provide the a nonredemption period.
Sheremetyevo can also restructure the loan from VTB. The press service of VTB explained Kommerstant that the parties had reached an agreement in principle to restructure the terms and "are in the process of its implementation." The MASH confirmed that the parties have reached an agreement on the restructuring, the airport has not received any new commitments, as "a reliable borrower and the bank's long-term partner."
Konstantin Yuminov from Raiffeisenbank said that the lender's positive decision "would be logical". Sheremetyevo is experiencing a large-scale construction to expand the airfield and terminal infrastructure, which will improve the effectiveness of its base airliner, Aeroflotm and increase the airport's capacity, he said. Besides, MASH corporate restructuring and consolidation with private shareholders is now, giving the airport more transparent perspectives, the analyst says.