LSR Group obtains loan for cement plant project

LSR Group obtains loan for cement plant project
Published: 30 June 2009

The LSR Group and State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) signed a loan documentation package to finance the final stage of LSR’s cement plant project for a total amount of EUR 237 million, with a ten-year maturity and the first interest payment due within 18 months. Thus, as a result of the new loan agreements the necessary funding is now fully ensured for the project.

The loan will be used to finance the construction project of a cement plant by OOO Cement (a company of LSR Group) in Slantsy, Leningrad region. The total estimated investment is EUR 445 million (incl. of VAT) including loans totalling EUR 344 million and extended by Vnesheconombank and ABN AMRO/HSBC. The balance amount comes from LSR’s own funds already invested.