VTB Bank completes targeted loan programme for Acron Group
3 July 2013
VTB Bank has issued the third loan tranche to Acron under its three-year targeted loan programme to finance fertiliser exports for a total value of up to US$ 200 million. The latest US$ 50 million tranche concludes the programme. Under the previous two loans, VTB has provided US$ 150 million to Acron.
VTB has worked with Acron since 1996. VTB also provides transaction banking services to Acron, including cash management and document operations, as well as investment products.
"Over our years of cooperation with Acron Group, it has proved itself as a quality borrower," said First Deputy President and Chairman of VTB Bank Management Board Yuri Soloviev. «Working with companies of the chemical industry is a priority for VTB Group. We are prepared to provide our partners with stable financing to help them maintain and successfully expand their business."
"VTB Group is our long-standing and reliable partner," said Acron Senior Vice President and Deputy Chairman of the Management Board Oscar Valters. "This loan programme is yet another example of our successful cooperation. The latest tranche from VTB will help us finance fertiliser exports to China, Thailand, Brazil, and the United States," added Mr Valters.
Acron Group is one of the world’s largest producers of mineral fertilisers. It is the first Russian producer and one of the world’s biggest producers of NPK compound fertilisers. Acron is one of Russia’s largest producers of ammonia and a wide range of nitrogen fertilisers. The company is also engaged in the development of potash and phosphate deposits. The Group includes three major production facilities (including Acron JSC), and has its own transport infrastructure and international sales network. Acron Group has a strong presence in the world’s most promising fertiliser markets, including China, Russia, Thailand, Brazil and the United States.
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