VTB will take part in the refinancing of the debts of the "daughter" "RusHydro"

The RusHydro company agreed with the VTB on the scheme of refinancing the debts of its “daughter” - “RAO ES East” in the amount of up to 85 billion rubles. This is written by Kommersant with reference to its sources.

According to the publication, the Agreement provides for the participation of the Bank in the Dopamy "RusHydro" with the receipt of not more than 20% in the capital of the company. At the same time, the bank will not consolidate the package in the reporting.

The interlocutor of Kommersant said that the holding proposed the absence of obligations to return shares and on regular interest payments. It is proposed to add these payments to the price of shares in a forward transaction in five years, and this condition was done only by VTB. The applicants for participation in the transaction were also Sberbank and Gazprombank.

As follows from the agreement, in 2020, VTB will strive to sell shares to a strategic investor at the price of the striker - 1 rubles per paper plus accumulated interest. The interlocutor of the publication said that, in addition, the possibility of deducting income on dividends is discussed, and this should motivate RusHydro to a “more aggressive dividend policy”.

In the case of a transaction at a price below the striker, the falling part can be compensated by state guarantees. In particular, the company expects to receive state guarantees for 44.6 billion rubles for bonds, but the issue is still being discussed, Kommersant told the Ministry of Finance of the Russian Federation.

In April 2015, Russian Prime Minister Dmitry Medvedev instructed to work out a refinancing scheme for RAO East East Debt through the RusHydro pre-capitalization. The debt on loans and loans of the company as of July 1 is estimated at 87.92 billion rubles.