Russia: Vyborg Shipyard Secures Financing from VTB Bank

VTB Bank has provided financing to the Vyborg Shipyard as part of the development of its further strategic cooperation with the United Shipbuilding Corporation and its subsidiaries.

VTB has set a RUB 6.2 billion letter of credit documentary limit for the shipyard. Within the limit, the bank opened several credit lines for an aggregate sum of RUB 4.2 billion to finance the company’s activities and refinance its debt to other banks.

“The cooperation between VTB Bank and United Shipbuilding Corporation is of a systemic and long-term nature and promotes the competitiveness of Russian shipbuilding and Russia’s economy in general,” Valery Lukyanenko Member of VTB Bank Management Board, said.

All deals within the limit will be secured by a guarantee of the United Shipbuilding Corporation.

[mappress]
Press Release, July 4, 2013