"Yamal LNG" will place bonds almost on five milliard dollars in favor of the Ministry for finances

By absentee voting the board of directors of "Yamal LNG" approved placement of two series of bonds on 2 milliard and 300 million each. Nominal value of a security makes 1000 dollars. They are placed on their nominal value on the closed subscription. The Ministry for finances is a potential purchaser.

As "Vedomosti" informs, the Ministry is going to pay bonds in rubles on the currency exchange rate of the Central Bank on the day of payment. The main debt will be paid in amortizing parts in the size 5.88 percent of the nominal value each half-year. The first payment will be paid in 7 years since the moment of placement. Thus, NOVATEK plans to receive 150 milliard rubles from the Russian National Wealth Fund for financing of "Yamal LNG". The decree about allocation of the money was signed on the 27th of December by the chairperson of the government of Russia Dmitriy Medvedev. The company will receive the first tranche, if its shareholders provide guarantees on 100 percent of the loan and the agreement about banking support with a Russian bank. On Friday 4 milliard and 600 million dollars corresponded to 316 milliard rubles. A representative of "Yamal LNG" assured that the company would take only the approved 150 milliard rubles. There is no final decision about redemption of the bonds, as all these projects claiming for monetary means of the Fund should be reviewed, as a representative of the Ministry for finances tells. In particular, the shareholders of NOVATEK should provide guarantees of fulfillment of the project "Yamal LNG" till the end of the second quarter. As we should remind, in July the USA imposed sanctions against Rosneft and NOVATEK. Access to receiving of credits for the term in more than 90 days was closed for them. NOVATEK sent a request about support to the government of the Russian Federation.