20 December 2011
Sadovaya Group (SGR PW) said yesterday it received its first USD 18 mln tranche of a USD 25 mln loan from OTP Bank. The disbursement was used to refinance current debt. As the company reported last week, the new facility would cost 1M Libor+8.5%, while, according to the company’s 3Q11 report, the USD 18 mln debt facility from Credit Dnepr Bank costs 12.2% on average.