En + Oleg Deripaska ahead of schedule repaid the loan to VTB, the company said on Monday. When the company held an IPO, it stated that its main task was to reduce the debt burden, the representative of the company recalled. "En + raised funds from investors to repay the debt. Now the company will breathe easier, "he said. The rate for this loan was 6% per annum.
Without taking into account the debt of UC Rusal (which the company took to purchase 27.8% of Norilsk Nickel), the debt of En + is about $ 5 billion, after repayment, the debt will be slightly more than $ 4 billion. On the VTB stake (3.8%), debt repayment will not affect , En + representative said: "VTB as a creditor bank and VTB as a shareholder are different stories."
In addition to the 29.99% stake in UC Rusal, 25% + 1 share of Eurosibenergo and 24% of Krasnoyarsk HPP were pledged for this loan. These assets will also be excluded from the collateral.
"The loan represented a significant part of the company's debt portfolio, and its repayment in full will achieve the target of the net debt / EBITDA," the company's financial director Andrey Yashchenko said. Within three years, the company expects to achieve a net debt ratio to the adjusted EBITDA of energy assets at 3.5x, it follows from the report. Now this figure is 5.5x.
The company has chosen the right time to pay off the debt, says Maxim Khudalov, an analyst with ACRA. "Now you can refinance your debts at lower rates. Yes, and investors should respond positively to reducing debt, "the expert believes.