En+ Group plc (the “Company”, “the Group” or “En+ Group”), a leading international vertically integrated aluminium and power producer with core assets located in Russia has repaid the loan provided to it by VTB Bank (PJSC) in the aggregate principal amount of USD 942.6 million in full prior to its specified maturity date. The original maturity date was in December 2019. The underlying security (the pledges of 29.99% shares of UC RUSAL plc, 25.00% +1 shares of JSC EuroSibEnergo and 24.00% shares of JSC Krasnoyarsk HPP) will be released in due course.
Andrey Yashchenko, CFO, En+ Group, commented: “This transaction demonstrates our clear commitment to deleveraging. The loan represented a significant share of our debt portfolio and its repayment in full keeps the Group on track to achieve our targeted Net Debt/EBITDA ratio. We look forward to continuing our hard work, further reducing the Group’s leverage and increasing value for shareholders.”
One of the Company’s key financial priorities in the near and medium term is to decrease En+ Power’s Net Debt to Adjusted EBITDA ratio from 5.5x as at 30 June 2017 to not more than 3.5x within three years.
