Rus News Journal

vneshtorgbank has accepted diamonds

ALROSA the transaction

ALROSA has refused Yesterday Sobinbank services
and Vneshtorgbank (VTB) have signed the agreement on strategic partnership in which frameworks this year the Russian diamond monopolist will receive $350 million It means that VTB becomes the largest creditor and basic bank ALROSA, and on its plans to receive at Societe Generale $650 million on the security of the contract with De Beers is definitively given up as a bad job.
as president ALROSA Vladimir Kalitin has declared at yesterday`s ceremony of signing of the partner agreement with VTB, this year the company plans to involve to 15 mlrd rbl. on maintenance and development mineralno - a raw-material base . In turn, the president of bank Andrey Kostin has hastened to declare that the limit of crediting ALROSA is increased to $350 million It means that VTB becomes one of the largest creditor banks of the Russian diamond monopolist.
VTB not the first bank, aspiring to catch under the control financial streams of one of the world`s largest diamond-mining companies. So, in January, 2000 ALROSA has concluded with Sobinbank the contract About the financing organisation (from bank it was signed former by the first zampredpravlenija Halid of Lobsters).
According to the contract #1377 which text has, the Sobinbank became the financial adviser for the organisation of financing of sales of diamond raw materials giving ALROSA credits on the security diamonds in a turn in volume not less than 150 % from the sum of a limit of the credit and percent . The contract, in particular, provided that the borrower any of its branches, the affiliated or consolidated companies not will messages of the negotiations not co-ordinated with bank about the parallel organisation of credits, issues of bills... Or the simultaneous organisation of similar financing in any form...
the Agreement with VTB, according to the first vice-president ALROSA Feodor Andreeva, similar does not provide anything. ekskljuzivnost is it was fashionable earlier. The contract with VTB does not contain similar financial declarations. On Vneshtorgbank and the Savings Bank we look as at basic banks are the fact. VTB such contract is necessary, and to the Savings Bank - is not present. They have simply given to us to $170 million - he has informed yesterday.
In the middle of April we will organise road - show on placing of our eurobonds for the sum of $300 million which will begin in London. Besides, we consider as the extremely attractive the Asian markets so it is not excluded that then we will go to Singapore - Andrey`s mister has declared.
similar updating of the program of loans ALROSA means one: its ambitious project with Societe Generale it is definitive zavis. Speech, we will remind, goes about credit agreement ALROSA preparing in the conditions of privacy with bank Societe Generale (see From March, 28th of last year). In exchange for $650 million ALROSA should transfer the rights to all currency gain under the contract with De Beers to an offshore from Jersey island. As a result of project realisation financial streams on $4 mlrd would be deduced from tax jurisdiction of Russia.
and yesterday Feodor Andreev has declared that the agreement with Societe Generale will not be. period of validity of mandate Societe Generale on the organisation of this credit has expired. Most likely, in the future we will organise the tender. Interest to the organisation of our financing besides Societe Generale show Citibank, ABN - Amro, Deutschebank - it has explained.