December 25, 2017, 21:13 / Business

VTB released 2.41% of En+ shares from repo

VTB reduced the number of En+ shares that it could dispose of from 10.06% to 7.65%, the bank’s disclosure says. Thus, En+ shareholders partially withdrew 2.41% of the company from the repo.

“After a successfully completed IPO in the fall of 2017, seeing high demand and great potential for growth in the shareholder value of the En+ company, the Basic Element industrial group decided to partially early execute the forward contract concluded with VTB Group in 2013,” the statement says. VTB message. The client reduced its debt burden and bought back part of its stake in En+ from VTB, a bank representative notes.

An En+ representative declined to comment.

During the IPO, En+ promised to reduce its debt burden - it began to reduce debt. two years ahead of schedule The company announced that it had paid off a $942 million loan from VTB . En+ was supposed to repay the debt in December 2019.

The IPO prospectus states that GrandStroy LLC, affiliated with Deripaska, took out a $1 billion loan from VTB in August 2015 at a rate of 9.33% per annum. After this, the parent structure of En+ took out a loan from GrandStroy LLC at a rate of 6.33% and acted as a guarantor for this loan, pledging 29.99% of UC Rusal , 25% plus 1 share of Eurosibenergo , and 24% of the Krasnoyarsk HPP. GrandStroy revised the terms of the loan several times, gradually reducing the rate. By the end of 2016, she managed to reduce the debt to $942 million, and the fixed loan rate to 6% per annum. In January 2017, the parent company En+ acquired the borrower, the prospectus says.