Rus News Journal

To Novorossisk port have called

At NMTP has occurred margin call, but it managed to avoid preschedule repayment on 2 mlrd dollars

the Recent collapse of stock markets hardly did not become fatal for Novorossisk sea trading port (NMTP). After port quotations have fallen to a two-year minimum, at the company has occurred margin call under the Savings Bank credit almost on 2 mlrd dollars However, the bank has agreed to meet the problem debtor and did not begin to demand preschedule repayment of a loan.

In January, 2011 group NMTP (unites the stevedore companies of Novorossisk sea trading port and Seaside trading port) has obtained in the Savings Bank the credit at a rate of 1,95 mlrd dollars for a period of seven years for port Primorska purchase (PTP). Pledge under the credit of a steel of 50,1 % of actions NMTP (this package is in the joint property state Transneft and groups the Sum ) . Besides, the guarantee has given PTP. Thus the bank has had an opportunity ahead of schedule to demand repayment of the credit in case of non-observance by port of the stipulated parity a debt/ EBITDA or in case of falling of stock quotes of port below certain level.

As it is informed in reporting NMTP on MSFO, in August from - for falling of cost of papers of port the Savings Bank has acquired the right to demand preschedule repayment of the credit. However the bank not to do it was possible to convince the companies. It is necessary to notice that on August, 24th papers NMTP have fallen in price to 6,2 dollars for a piece, to a two-year minimum. Market price of 50,1 % of actions of the stevedore company at that point in time made less than 1,5 mlrd dollars, that is almost on a quarter there is less than Savings Bank credit.

the Assistant to the general director under the finance and economy NMTP Andrey Bubnov has told daily that from the stevedore company for disclaimer of the requirement of preschedule repayment of the credit the Savings Bank did not ask any additional guarantees. Group NMTP is for today one of the best borrowers in our country on credit quality. That has occurred to our actions, is exclusively result of external factors - has underlined g - n Tambourines. In the Savings Bank did not begin to make comments on mutual relation with NMTP.

Ekaterina Andrejanova from Rye, Man and Gor Securities agrees that falling of quotations NMTP is caused, generally, by instability in foreign markets. and in these circumstances there was no sense to start history with preschedule repayment of a debt, it was easier to leave everything as is, - she argues. - Besides, the bank realised that NMTP will not extinguish suddenly such credit . With it agency head InfraNews Alexey Bezborodov agrees also. to the Savings Bank is absolutely uninteresting to bankrupt such healthy enterprise, as NMTP. Company quotations at the London stock exchange - not an indicator of that in NMTP affairs go badly. There very small free float - the expert speaks.

Financial indicators NMTP confirm that company position is stable. The port net profit for the first half of the year 2011 on MSFO has grown in comparison with the similar period of last year in 2,4 times, to 307,9 million dollars, and the gain has increased by 1,9 %, to 494 million dollars However, turnover of goods NMTP in the first half of the year has decreased on 1,4 %, to 76,8 million t. Andrey Bubnov predicts the further growth of indicators of the company. the main cargo on which we see growth, this grain. Also we predict improvement of indicators on transfer of containers, iron ore, cement, mineral fertilizers - representative NMTP speaks.

According to reporting NMTP, on the beginning of July the general debt of the company made 2,5 mlrd dollars, the most part had on long-term credits. In the first half of the year the company has spent 67,7 million dollars for service of a debt (in 4,5 times more than one year ago). Despite it, banks continue to borrow willingly NMTP money: in September Raffajzenbank has given out the companies of 110 million dollars on building of the black oil terminal in Novorossisk (NMT) in volume of 110 million dollars for seven years.