Yantar Shipyard stockholders OK the VEB's the $65m loan

Stockholders of the OJSC Baltic Shipyard Yantar (Yantar Shipyard, Kaliningrad region, part of the United Shipbuilding Corporation) at a general meeting on Sept. 22, 2010 approved the transaction between the company and the State Corporation   Bank for Development and Foreign Economic Affairs (VneshEconomBank), the Yantar Shipyard’s official statement said.
The limit of Credit Facility amounts to $ 65 million, the Facility is granted for the period until 31 December 2012, the interest rate on the loan - no more than Libor + 8% per annum.
Under the terms of the approved transaction, the funds may be received in tranches during the period from the date of signing the loan agreement until December 31, 2010.Repayment stipulated in six installments: $4m – on September 30, 2011, $9m - 30 November 2011, $5m – on December 31, 2011 and $5m - on January 31, 2012, $10m – on November 30, 2012, $32m - December 31, 2012.
Funds are raised to finance the costs of fulfilling the export contract (signed in 2006 between Yantar Shipyard and RosOboronExport for delivery of special equipment to foreign customer).
Baltic Shipyard Yantar was founded on July 8, 1945 (N 820) on the basis of F.Schichau’s Koenigsberg Shipyard Company. Yantar specializes in shipbuilding, repair and renovation of vessels for various purposes. JSC Yantar Shipyard was incorporated in 1996.