A group of Oleg Deripaska's GAZ problems involving loan VTB at 38 billion rubles. Against this objection the current largest creditor groups - Sberbank, which would itself give it new funding. Other market participants to explain the struggle for a reliable borrower banks, which maintains a stable state, the current crisis. And the state that the resources for lending to the Savings Bank anymore.
How the "Y", the board of directors of Gaz November 14 failed to approve a loan with VTB 38 billion rubles. One member of the Board "abstain from voting," told "Kommersant" source familiar with the situation, and the charter of the decision on major transactions must be unanimous. Source of the bankers said, "Kommersant" that a deal has blocked Representative Savings Ratsin Oscar. Now the group will approve a loan at a special meeting of shareholders - it is scheduled for December 9. In the GAZ Group and VTB declined to comment. Contact Oscar Ratsinym yesterday failed.
GAZ need a loan VTB to refinance debt to a syndicate of 22 banks led by Sberbank. Group received a syndicated loan of 39.3 billion rubles. in March 2010 for five years with deferred payments of principal for two years at 4% per annum plus refinancing. The guarantee was 16.2% of GAZ shares and property. Almost half of the sum was secured state guarantees for 20 billion rubles. The loan imposed on a group of several important limitations, in particular, the investment program was not to exceed 1 billion rubles. a year.
But in 2012, GAZ plans to launch several new projects and investment program should reach 10 billion rubles. In 2013 - 6-7 billion rubles. To remove the restrictions, GAZ decided to refinance the syndicated loan. In addition, payments of principal on the new loan deferred for another two years and the interest rate on it is lower than the syndicated. The fact that VTB has decided to grant the loan was announced on November 4, loan agreements between the parties and the refinancing is scheduled for December.
"However, he hoped Savings refinance a syndicated loan," - said the source "b" familiar with the situation. The bank was negotiating with the GAZ Group, adds another source, but "they moved slowly, and it was ahead of VTB." GAZ Group has consistently pays interest, and Sberbank expected to continue to be its key bank, adds the source "b". But now, Sberbank "just stop" process until December 9: Meeting of Shareholders in any event it approves, adds another source. While the Savings Bank are pledged 16.2% stake in gas, it will not be able to influence the decision of the meeting: the charter of it made by a simple majority. 61.05% of shares owned by Gaz "Russian Machines", the remaining 22.8% distributed among the minority shareholders.
According to the source "b", three weeks leading up to the shareholders' meeting, the Savings Bank expects to hold talks with VTB and gas and to persuade the group to refinance debt with your own credit. But the source of "b" to doubt the success of the Savings Bank, because "time is missed, and reached an agreement with VTB at the highest level."
"The situation when the two state banks compete for a single borrower, is not typical, but in the case of the GAZ Group - is understandable, it is very reliable borrower, supported by the state and has a lobbying resource Oleg Deripaska," - said Mikhail Pak of "Aton". "The desire to preserve the borrower's Sberbank is quite clear: he is pursuing an aggressive policy in terms of corporate lending and reluctantly gives customers of other banks, and the liquidity situation he is better than VTB" - agrees deputy president of Nordea Bank, Mikhail Polyakov. Besides, he adds, as shown by the last crisis, GAS "may rely on state support in the form of loans or state guarantees the target, when suddenly turns into a difficult situation, which further helps to perpetuate the status of interest for him borrower is ready to compete for the biggest banks."
How the "Y", the board of directors of Gaz November 14 failed to approve a loan with VTB 38 billion rubles. One member of the Board "abstain from voting," told "Kommersant" source familiar with the situation, and the charter of the decision on major transactions must be unanimous. Source of the bankers said, "Kommersant" that a deal has blocked Representative Savings Ratsin Oscar. Now the group will approve a loan at a special meeting of shareholders - it is scheduled for December 9. In the GAZ Group and VTB declined to comment. Contact Oscar Ratsinym yesterday failed.
GAZ need a loan VTB to refinance debt to a syndicate of 22 banks led by Sberbank. Group received a syndicated loan of 39.3 billion rubles. in March 2010 for five years with deferred payments of principal for two years at 4% per annum plus refinancing. The guarantee was 16.2% of GAZ shares and property. Almost half of the sum was secured state guarantees for 20 billion rubles. The loan imposed on a group of several important limitations, in particular, the investment program was not to exceed 1 billion rubles. a year.
But in 2012, GAZ plans to launch several new projects and investment program should reach 10 billion rubles. In 2013 - 6-7 billion rubles. To remove the restrictions, GAZ decided to refinance the syndicated loan. In addition, payments of principal on the new loan deferred for another two years and the interest rate on it is lower than the syndicated. The fact that VTB has decided to grant the loan was announced on November 4, loan agreements between the parties and the refinancing is scheduled for December.
"However, he hoped Savings refinance a syndicated loan," - said the source "b" familiar with the situation. The bank was negotiating with the GAZ Group, adds another source, but "they moved slowly, and it was ahead of VTB." GAZ Group has consistently pays interest, and Sberbank expected to continue to be its key bank, adds the source "b". But now, Sberbank "just stop" process until December 9: Meeting of Shareholders in any event it approves, adds another source. While the Savings Bank are pledged 16.2% stake in gas, it will not be able to influence the decision of the meeting: the charter of it made by a simple majority. 61.05% of shares owned by Gaz "Russian Machines", the remaining 22.8% distributed among the minority shareholders.
According to the source "b", three weeks leading up to the shareholders' meeting, the Savings Bank expects to hold talks with VTB and gas and to persuade the group to refinance debt with your own credit. But the source of "b" to doubt the success of the Savings Bank, because "time is missed, and reached an agreement with VTB at the highest level."
"The situation when the two state banks compete for a single borrower, is not typical, but in the case of the GAZ Group - is understandable, it is very reliable borrower, supported by the state and has a lobbying resource Oleg Deripaska," - said Mikhail Pak of "Aton". "The desire to preserve the borrower's Sberbank is quite clear: he is pursuing an aggressive policy in terms of corporate lending and reluctantly gives customers of other banks, and the liquidity situation he is better than VTB" - agrees deputy president of Nordea Bank, Mikhail Polyakov. Besides, he adds, as shown by the last crisis, GAS "may rely on state support in the form of loans or state guarantees the target, when suddenly turns into a difficult situation, which further helps to perpetuate the status of interest for him borrower is ready to compete for the biggest banks."
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