Moscow, Russia – 26 March, 2009 – URALCHEM, OJSC, (“the Company” or “URALCHEM”) today announced that it had reached agreement with its creditors on refinancing of US$ 333 million debt payable in 2009. New agreements with UniCredit Bank, Raiffeisenbank and Sberbank of Russia envisage debt repayments in 2010-2012 instead of 2009.
Such debt refinancing agreements with the banks have become an important milestone in the process of optimizing the Company’s financing obligations. These steps, together with efficiency improvement and cost reduction programmes will allow URALCHEM to overcome the consequences of the world economic and financial crisis.
Anton Vishanenko, CFO of URALCHEM commented: “After the repayment pattern has changed, the amount payable in 2009 will be US$ 130 million, which is a comfortable and acceptable level for URALCHEM. New agreements with the banks demonstrate their confidence in further sustainable development of the mineral fertilizer industry, reliability of the Company’s investment plans, and the effectiveness of its anti-crisis management. We are confident of the future effective and mutually beneficial cooperation with our creditors”.