Sberbank

09/20/2018 | Press release | Distributed by Public on 09/20/2018 09:39

Sberbank completes deal to acquire from VEB the rights to claim $537 mln in loans issued to Sheremetyevo

20 September 2018, Moscow - Sberbank announces that is has completed a deal to acquire the rights to claim loans of Sheremetyevo International Airport JSC (SIA) worth $537 mln. The credit facilities were provided by VEB to finance the construction of Sheremetyevo Airport's Terminal D.

Sberbank has become the majority lender to SIA following the completion of this deal.

Alexander Vedyakhin, First Deputy Chairman of the Executive Board of Sberbank:

'We are delighted that this key deal has been successfully completed. SIA is a unique piece of infrastructure and we are certain that thanks to its current efficient management team it will retain a leading position in Moscow's aviation hub. We are confident about the future growth of Sheremetyevo's business and our cooperation with the company.'

Nikolay Tsekhomsky,First Deputy Chairman of Vnesheconombank and Member of the Executive Board:

'VEB completed its goal as a development institution - we facilitated the completion of a major infrastructure project in a strategic sector according to the principles of repayment and break-even operation. As one of Aeroflot's key partners, VEB was the first to support the airline's idea to create a terminal, which was later included in the overall infrastructure of Sheremetyevo Airport, by providing project financing. In doing this, our bank took on the primary risks related to the construction and launch of the project, which is now a landmark in the development of SIA and Aeroflot. These two companies have improved the quality of passenger services and achieved better financial results thanks to the project.'

The agreements reached with Sberbank will cut debt servicing costs, which will help achieve more effective management of operations at SIA.

Alexander Oleynik, Deputy General Director for Economics and Finance at SIA JSC:

'We are grateful to VEB and Sberbank for their many years of cooperation, and also for their work in the area of lending, which has helped Sheremetyevo International Airport to successfully develop. This deal allows SIA JSC to decrease the effective interest rate and increase the duration of our loan portfolio. We will use the capital that has been freed up to carry out SIA JSC's investment programme.'

Under the project to construct the airport terminal Sheremetyevo D, in 2006 and 2008 VEB and special-purpose project company Terminal OJSC (with Aeroflot as its key shareholder) entered into loan agreements amounting to approximately $659 mln. Terminal D was opened in November 2009. In 2012, Terminal OJSC was reorganised through a merger with Sheremetyevo International Airport JSC.