JSC VTB Bank provided a RUB 2.4 billion credit facility for 7 years to JSC Krasnoye Sormovo, a leading Russian shipyard.
The funds borrowed will be used to acquire a 100% stake in MNP Group.
Guarantees of the state-owned holding United Shipbuilding Corporation (USC) will serve as collateral under the loan.
JSC Krasnoye Sormovo Shipyard was established in 1849 as a diversified enterprise performing major state orders. Throughout the 150 years of its history, the shipyard has constructed hundreds of ships and vessels ranging from river barges to modern submarines.
JSC United Shipbuilding Corporation (USC), the largest Russian shipbuilding holding, was established in 2007. 100% of the company’s capital is held by the federal government. The holding comprises over 50 companies and enterprises engaged in the industry (major shipbuilding and repair yards, leading design and engineering offices).