VTB issues letter of credit limit (RUB 6.2 bln) for Vyborg Shipyard
VTB has issued a letter of credit limit to the total amount of RUB 6.2 bln for Vyborg Shipyard to finance the Shipyard’s current activities, the shipbuilding company says.
Under the letter of credit limit VTB fully repays the Shipyard’s debt under credits to the total amount of RUB 3.3 bln earlier obtained from other banks. The obligations of Vyborg Shipyard are to be fulfilled within 10 years.
All transactions will be secured by the surety of United Shipbuilding Corporation OJSC.
Vyborg Shipyard OJSC is one of the largest shipbuilding companies of the North-Western Region of Russia with over 60-years’ experience in shipbuilding. Vyborg Shipyard is a member of the United Shipbuilding Corporation. Since the Shipyard was founded (1948) there have been built more than 200 different vessels with deadweight of up to 12,000 tonnes and total displacement exceeding 1,300,000 tonnes. Today the Shipyard specializes in building drilling rigs for offshore deposits development, vessels of small and medium tonnage as well as ship repair.
