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VTB to finance modernisation of Vologda timber company

10 September 2012

VTB to finance modernisation of Vologda timber company @ RIAN, Sergey Kompaniichenko

The North-Western Regional Centre of  VTB Bank (NWRC) has approved the provision of a five-year credit facility worth more than 1 billion roubles ($32.4 million) to the Vologodskiye Lesopromyshlenniki group of timber companies.

Within this limit, the VTB branch operating in northwest Russia will finance the reconstruction of the group’s Kharovsklesprom sawmill, providing lending services such as import irrevocable deferred-payment documentary letters of credit and credit facilities with a debt ceiling in roubles and with a drawdown limit in roubles and euros.

The investment project to modernise Kharovsklesprom is being implemented in order to increase the processing of coniferous sawtimber and the annual production of sawn timber from 90,000 to 200,000 cubic metres. The funds will be used to purchase equipment from abroad and modernise the mill’s production capacities.

For reference:

Vologodskiye Lesopromyshlenniki is one of the leading groups of timber companies in the Vologda Region. Its enterprises produce and sell commercial timber and sawn timber, transport commercial timber to clients in Russia and abroad, purchase and reload timber products from small producers at their own terminals, provide leasing services, as well as develop and implement investment projects in the timber sector of North-West Russia.

NWRC, lending

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