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DGAP-UK-Regulatory: Kazakhstan Kagazy PLC: EBRD LOAN RESTRUCTURING IS COMPLETED
Dissemination of a UK Regulatory Announcement, transmitted by EquityStory.RS, LLC - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
29 December 2012
KAZAKHSTAN KAGAZY ANNOUNCES: EBRD LOAN RESTRUCTURING IS COMPLETED
Almaty, Kazakhstan - 29 December 2012 - Kazakhstan Kagazy PLC (the 'Group') announces that its subsidiary Kagazy Recycling LLP (the 'Company') has signed a restructuring agreement for its outstanding debt with the European Bank for Restructuring and Development ('EBRD').
New terms include the extension of the maturity of the loan to 2016 and reduction of the margin on the loan's interest to 4.0% per annum, providing financial covenants are met.
Taisiya Kogutyuk, CEO of Kazakhstan Kagazy JSC, commented:
'We are pleased with the signing of the restated and amended agreement with EBRD. This is another milestone in the Company's progress towards the complete restructuring of its financial liabilities. We are thankful for EBRD's vote of confidence in the Group's future.' Herewith the Group concludes the debt restructuring of its Paper division, Kagazy Recycling LLP. The Paper division represents 79% of the Group revenues and 81% of its EBIT.
In 2011 the Group finished the debt restructuring of its holding company, Kazakhstan Kagazy JSC. In 2013 the Group seeks to complete the restructuring of its Logistics division. This would conclude the financial restructuring of the whole Group.
Unrestructured debt amounts to USD 114.5 million to date; restructured debt to USD 157.0 million.
For information:
Kazakhstan Kagazy Group produces paper, corrugated cardboard and cardboard containers. It is a modern production company with vertically integrated production cycle that starts from the collection and processing of waste paper and production and distribution of paper, cardboard and containers. It maintains leading positions in paper and cardboard market in Kazakhstan.
The European Bank for Reconstruction and Development is an international financial organization which finances projects across 29 countries covering from Central Europe to Central Asia.
For additional data, please visit www.kazakhstankagazy.com or contact:
Sadyr Shaguzhayev, IR department
+7(727) 244-02-08
Yekaterina Karmysheva, Press office
+7(727) 341-02-00, 320-12-00
29.12.2012 EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de.
| Language: | English |
| Company: | Kazakhstan Kagazy PLC 33-37 Athol Street IM1 1LB Douglas Isle of Man |
| Phone: | +7-727-244-87-87 |
| Fax: | +7-727-244-87-82 |
| E-mail: | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Internet: | www.kazakhstankagazy.com |
| ISIN: | US48667M2035 |
| Listed: | London |
| Category Code: | AGR |
| LSE Ticker: | KAG |
| Sequence Number: | 1297 |
| Time of Receipt: | Dec 29, 2012 13:06:05 |
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