Refinancing of Credit Line

RNS Number : 0790G

Steppe Cement Limited

17 October 2008

 



Steppe Cement Limited 17 October 2008

Registration: LL04433 10th Floor Rohas Perkasa, West Wing No.8, Jalan Perak 50450 Kuala Lumpur Malaysia Tel:  +(603) 2161 7552         +(603) 2161 7542 [e-mail]  www.steppecement.com

Refinancing US$23,230,000 credit line

Steppe Cement Limited ('Steppe' or the 'Company') is pleased to announce that its 100% subsidiaries - Central Asia Cement JSC and Karcement JSC have closed a US$23,230,000 credit line agreement with SB HSBC Bank Kazakhstan JSC until 10 July 2013 repayable at the rate of the 6 month LIBOR for US$ plus a margin of 5.5%. 

The purpose of the Loan is refinancing the current loan and facilities that the subsidiaries have with Kazkommertsbank JSC and for general working capital requirements. The full amount has been drawn down and Kazkommertsbank has been repaid.

The Company's Nominated Adviser is RFC Corporate Finance Ltd.

Contact: Stephen Allen or Trinity McIntyre, ph: [phone] 

 

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