Sberbank and Eurocement agree debt restructuring deal

Russia's leading cement producer, Eurocement group, and Sberbank CIB have agreed on conditions for restructuring the company’s loan portfolio.

The deal envisages pushing back loan repayments worth RUB42bn (US$597.8m) and US$360m by up to six years and optimisation of interest rates.

The conditions for restructuring the debt portfolio will enable Eurocement group to take a more flexible approach to financing its operational activities and help it achieve strategic goals.

"Sberbank CIB is a strategic partner of JSC Eurocement group. This agreement will help us cut debt servicing costs and minimise the influence of negative macroeconomic factors on our company," commented Mikhail Skorokhod, president of JSC Eurocement group.

Oleg Ganeev, deputy chairman of the Executive Board of Sberbank and head of Sberbank CIB, commented: "The conditions that we agreed to are characteristic of our comprehensive approach and are a significant achievement for Sberbank CIB in supporting the Russian construction industry’s major companies."