RosGeo and Sovcombank have signed a cooperation agreement
Today, RosGeo and Sovcombank have signed a cooperation agreement. The document was signed by Sergey Gorkov, Director General — Chairman of the Board of Rosgeo, and Dmitriy Gusev, Chairman of the Board of Sovcombank.
The agreement is aimed at ensuring the long-term cooperation between the parties in rendering to RosGeo a full range of banking services, including lending, placement of temporary free funds, provision of documentary instruments, emission of equity securities.
“We are glad to sign the agreement with Sovcombank, a largest private financial institution in Russia, — said Sergey Gorkov, the CEO of RosGeo. — The history of our successful collaboration started in August this year: in particular, the letter of credit limit provided by the Bank, enabled RosGeo to significantly optimize our debt portfolio and improve the liquidity, by synchronizing the maturity of the credit tranches with production cycle of the existing long-term geological exploration contracts. In the framework of the signed agreement, Sovcombank will render RosGeo the services in emission of corporate bonds, which placement is anticipated soon. I am confident that our further partnership, which ensures the availability of significant financial resources for the implementation of the geological explorations and surveys at attractive conditions, will continue to be mutually beneficial and make a significant contribution to development of mineral and raw material base of the country”.
“We are thankful to RosGeo for the trust and high assessment of our work, — commented Dmitry Gusev, Chairman of the Board of Sovcombank. — We can see all prerequisites for a successful placement of the bonds to be emitted by the largest geological exploration holding, and pleased to welcome a new quality issuer on the Russian bond market. We are ready to collaborate in arrangement of the debut issue, and feel inspired to contribute to development of the overall industry.”
According to the signed document, the parties agreed to develop the cooperation in funding of the geological exploration activities aimed at reproduction and efficient development of national mineral resource base, as well as in overseas projects of RosGeo.
In addition, the agreement envisages development of partnership in financing of upgrading at RosGeo production facilities, including the implementation of “green” technologies that minimize the negative impact on the environment.
Currently, Sovcombank has provided to RosGeo a letter of credit limit in the amount of 6 billion rubles with maximum durability of credit tranches up to 3 years.
Besides, the parties signed an agreement on rendering by Sovcombank the services in arrangement of RosGeo securities issue in view of the Holding’s plans to enter the corporate bond market. The funds raised under the bond loan are intended to be used for refinancing the current short-term loans and in the investment purposes.
RosGeo is a Russian multi-disciplinary geological holding that carries out a full range of services related to geological exploration: from regional surveys to parametric drilling and monitoring of subsoil conditions. The holding company boasts a unique expertise, particularly in marine geology and shelf operations. A total of more than 1000 fields and deposits have been discovered by the holding’s companies, including major hydrocarbon and solid mineral deposits and fields. RosGeo is a fully state-owned company.
Sovcombank is a universal bank, ranked among the top 10 largest banks of the country (assets: 1.5 trillion rubles as per IFRS). The bank employs 15,8 thousand employees in 233 branches and mini-offices located in 953 settlements in 76 regions of the Russian Federation. The bank serves 7.1 million clients, including 6.3 million borrowers and more than 600 thousand depositors. The corporate clients of the bank are more than 200 thousand companies and corporations. Credit ratings of the bank on the international scale: S&P — “ВВ-”, forecast: “stable”, Moody’s -“Вa3”, forecast: “stable”,, Fitch — “ВB”, forecast: “stable”, Credit ratings of the bank on the national scale: ACRA — “A+”, forecast: “stable”, “Expert RA” — “ruA” forecast: “positive”.
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