All the latest news from the Summa Group March 2015 Part 2
FESCO - NCSP- STROYNOVATSIYA INTEX YATEC UNITED GRAIN COMPANY
Summa Group 2015 March PT2
NCSP SIGNED CONVENANT AMENDMENT WITH SBERBANK
On the 18th of March 2015,the Summa Groups NCSP (Novorossiysk Commercial Sea Port Group) signed an agreement with Sberbank in order to change the share-price covenant calculation and loss calculation procedures for the $1950 million loan from Sberbank. According to the audited unconsolidated financial statements under RAS, the new agreement will see share-price covenant be tested and reviewed, once a year on June 30th, via the independent appraisers report. The original exchange closing price will be replaced should amendments be required. The loan is due by the 18th of January 2018 with a floating interest rate of LIBOR 3M +5%. The remaining debt amount is $1650 million.
FESCO NCSP - STROYNOVATSIYA INTEX YATEC UNITED GRAIN COMPANY
Summa Group 2015 March PT2
RUSAL AND FESCO SIGN FREIGHT AGREEMENT
The Summa Groups Far East Shipping Company (FESCO) along with UC RUSAL have signed an agreement to forward freight at Novorossiysk. FESCOs Integrated Transport LLC (FIT) have agreed to forward up to 1 million tons of RUSALs export cargo. RUSAL CEO Vladislav Soloviev commented on the joint venture, Port Novorossiysk has always been one of the major export channels for RUSAL. So we are interested in optimization of the logistic chain and new partners in the region. FESCO President Konstantin Sokolove also commented on the agreement by adding, We work in close collaboration with RUSAL in Vladivostok and will expand the cooperation. The new contract has been signed within the framework of the activities aimed at attraction of extra cargoes. It will help diversify FESCOs business. The activities would be coordinated via FITs office in Novorossiysk to ensure maximum efficiency of the work on fulfilment of the contract obligations. The contract has been signed for one year.
FESCO NCSP - STROYNOVATSIYA INTEX YATEC UNITED GRAIN COMPANY
Summa Group 2015 March PT2
NCSP EARNS BA3 RATING ACCORDING TO MOODYS RATING AGENCY
The Moody's Rating Agency has confirmed that NCSP has a current rating of Ba3. On the 23rd of March 2015, the Moody's report stated that the NCSPs corporate family rating was Ba3 on the global rating scale with a negative outlook. The probability of a default rating was confirmed as Ma3-PD, with a negative outlook, while the NCSPs national scale rating was Aa3.ru with a negative outlook. Sultan Batov, CEO of PJSC NCSP commented on the result, In our opinion, confirmation of NCSPs corporate rating, in view of the recent downgrade of Russias sovereign rating, is a positive signal. It speaks of a prudent judgment, which reflects on the fundamental strengths of infrastructure business, NCSPs diversified business model and its significance in the industry and Russian economy at large. The Moody's Agency report went on to say that NCSP will more than likely generate positive free cash flow and maintain financial metrics commensurate with the Ba3 rating. This includes interest and debt cover by funds from operations. This concludes the review for the downgrade of NCSPs rating. A number of Russian non-financial corporations were reviewed by Moody's from December 2014. This concludes the NCSPs review. FESCO NCSP - STROYNOVATSIYA INTEX YATEC UNITED GRAIN COMPANY
Summa Group 2015 March PT2
ABOUT THE SUMMA GROUP
Summa Group specialises and invests in port logistics, engineering, construction, oil and gas sectors as well as telecommunications. Summa Group is a diversified private holding that comprises of more then 10 000 people in 40 regions of Russia and abroad.
Mr Ziyavudin Magomedov is the founder and
shareholder of the Summa Group, which celebrated its 10 year anniversary in 2014.
FESCO - NCSP- STROYNOVATSIYA INTEX YATEC UNITED GRAIN COMPANY