19th Feb 2018 07:00
Sistema signs loan agreement with Sberbank
Moscow, Russia - 19 February 2018 - Sistema PJSFC ("Sistema" or the "Corporation") (LSE: SSA, MOEX: AFKS) a publicly traded diversified Russian holding company, announces the signing of a loan agreement with Sberbank for the performance of the Corporation's obligations under the Settlement Agreement with PJSOC Bashneft, Rosneft and the Republic of Bashkortostan ("the Settlement Agreement").
Sberbank (or "the Creditor") will extend a line of credit to Sistema for a five-year period in the amount of up to RUB 105 billion, of which RUB 40 billion will be allocated to discharge obligations under the Settlement Agreement. The remaining amount may be used by Sistema as needed to refinance the Corporation's debt obligations. The loan will be secured by ordinary shares of MTS, which will be recorded as collateral in proportion to the drawdown of the loan on the basis of the loan-to-value ratio. The loan agreement allows for early repayment.
As per the terms of the loan agreement, without the approval of the Creditor Sistema has the right to carry out investment activity and to pay dividends using part of the funds received from the monetisation of its assets; with the approval of the Creditor, it has the right to carry out investment activity and to pay dividends using funds from other sources.
The loan agreement shall be approved as per Sistema's corporate procedures. Sistema thanks Sberbank for its comprehensive support and effective partnership.
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For further information, please visit www.sistema.ru or contact:
Investor Relations Yury Krebs Tel.: +7 (495) 730 66 00 | Press Service Sergey Kopytov Tel.: +7 (495) 228 15 32
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This announcement contains inside information. Full name and position of person making the announcement - Yury Krebs, Director, Investor Relations
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Sistema PJSFC is a publicly traded diversified Russian holding company serving over 150 million customers in such sectors as telecommunications, retail, paper and packaging, agriculture, high technology, banking, real estate, pharmaceuticals, tourism and healthcare services. The company was founded in 1993. Sistema's revenues for 9M 2017 reached RUB 509.6 billion and its total assets amounted to RUB 1.2 trillion as of 30 September 2017. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website: www.sistema.com
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SSA.L