SIBUR and Sberbank sign a $ 400 million credit agreement

SIBUR Holding JSC and Sberbank of Russia JSC have signed two agreements to open the $ 400m credit lines with a four-year term. The funds will be used to finance the company’s current activities including replacement of credits allocated by another banks.

Attraction of the Sberbank credit will allow SIBUR to improve the structure of the loan portfolio in the context of extension of credit payments period, diversification of relations with banks as well as decrease the company’s leverage due to the credit rates reduction.

This deal adumbrates the beginning of credit relations between SIBUR Holding JSC and Sberbank of Russia.

Dmitry Konov, SIBUR President said: “Execution of the credit agreements confirms financial stability of our company. We hope for the further partnership with Sberbank of Russia”.

“We enter upon a new phase in relations with SIBUR. Development of petrochemistry is one of priority sector of Russian economy and we make it our goal to support the leader of industry”, Chairman of the Sberbank Board German Gref said.