DTEK attracts EUR 416 mln syndicated loan

DTEK attracts EUR 416 mln syndicated loan



19 жовтня 2012 года
Конкорд Капитал

DTEK (DTEKUA), the Ukrainian integrated energy holding, signed a EUR 416 mln syndicated credit line agreement from Sberbank, Gazprombank, ING Bank and UniCredit Bank Austria. The two tranches of the facility have three and five years tenors, according to the company, and no interest rates were disclosed. Proceeds will be used for modernization programs at DTEK’s facilities.

Alexander Paraschiy: This is good news for the holding, which has a large reconstruction pipeline in its power generation segment. The credit line, if fully withdrawn, would increase DTEK’s total debt by 1/4 compared to end-1H12 to roughly USD 2.7 bln, and increase its total debt/annualized EBITDA ratio from 1.1x to 1.4x, which would be far below its Eurobond covenant of 3.0x (Debt/cash EBITDA). The new facility would increase DTEK’s foreign currency debt by percentage of total debt from 75% to 80%, and in terms of volume by 1/3. Increased currency exposure would not have any effect on solvency risk: we estimate the company generates sufficient annual export revenue to cover future interest costs 5-7 times.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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