The 16 1/2-year facility, provided by Calyon and Norddeutsche Landesbank Girozentrale AG, will be used to purchase power plants for the construction of closed-cycle gas turbines, the company said in a statement today.
The utility is controlled by OAO Gazprom, Russia’s gas export monopoly, and the deal is part of the parent company’s strategy to finance the country’s power generating sector, the statement said.
Mosenergo has 17.2 billion rubles of bonds and loans outstanding ($550 million), according to data compiled by Bloomberg. The company is rated BB- by Standard & Poor’s, three levels below investment grade.
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