Russian shipping company attracts $325mln from foreign banks

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MOSCOW, October 4 (RIA Novosti) - State-owned Russian shipping company Sovkomflot has attracted $325 million from a syndicate of foreign banks, the company press service said Tuesday.

A credit agreement between the Sovkomflot group and a syndicate of banks led by Calyon and ING Bank was signed in London Monday.

The credit, to be repaid in 2013, consists of a $265-million term credit, designed to refinance debt on 15 vessels and finance the purchase of a new tanker and a $60-million revolving credit to finance new projects and replenish working capital.

"The credit agreement with a syndicate of international banks was signed in line with the company's strategy of consolidating its credit portfolio and introducing new financial instruments," Sovkomflot said.

Sovkomflot is a major Russian shipping company with 47 vessels and an aggregate deadweight capacity of 3.6 million metric tons.

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