Russian satellite manufacturer ISS Reshetnev has secured a Rbs1.5bn (US$47.3m) two-year framework multicurrency loan from VTB Bank.
The loan has essentially been tailored for Reshetnev’s needs enabling the company to borrow in tranches in the required…
Russian satellite manufacturer ISS Reshetnev has secured a Rbs1.5bn (US$47.3m) two-year framework multicurrency loan from VTB Bank.
The loan has essentially been tailored for Reshetnev’s needs enabling the company to borrow in tranches in the required currency at various terms, depending on its actual needs during the overall validity period of one single contract.
Tatyana Bugaeva, head of VTB Bank branch in Krasnoyarsk, Southern Siberia, said: “We have managed to design an individual product, which fully corresponds to the needs of the company.”
VTB Bank stated that this type of loan was unique for the Krasnoyarsk financial market.
Neither Reshetnev nor VTB Bank would comment further on the deal at the time of going to press.
Back in November 2011, Reshetnev signed an MoU with fellow satellite manufacturer Thales Alenia Space to form a commercial joint venture capable of constructing satellites and payloads for in particular the burgeoning Russian market as well as the wider international one.
While the two companies have worked together on a number of projects for some time, the new agreement cements that partnership in a more formal and financial way.
