DTEK Energy announces restructuring of $100 mln guarantee with Sberbank of Russia

DTEK Energy has restructured its guarantee obligation to Sberbank of Russia for $100 million, formalizing it with a new guarantee for a maximum aggregate amount of $100 million.

As stated in the company's exchange message on Friday, as a result of the restructuring, the parties agreed to terminate the proceedings initiated by Sberbank in 2020 on claims for the initial guarantee and to remove interim measures in relation to certain Dutch assets of DTEK Energy.

DTEK Energy recalled that the initial guarantee was given under a credit facility from Sberbank to Fabcell Limited. As part of an enforcement process initiated in April 2021 against 100% of Fabcell (previously owned by DTEK BV), the shares were transferred to the nominee of the creditor. Then, together with Fabcell's subsidiary Mine Office Obukhovskaya, they were transferred by the lender's representative to a third party, and the obligations associated with the Fabcell loan were restructured.

As reported, in June 2012, DTEK bought a 100% stake in Mine Office Obukhovskaya, a 100% stake in Donskoy Anthracite, and a 66.7% stake in Sulinanthracite LLC, which then was merged with Donskoy Anthracite, from Rostov Anthracite LLC for $39 million.

In September 2016, within the loan portfolio restructuring, DTEK Energy transferred the Obukhovskaya Mine Office (Russia) together with loans taken from Sberbank of Russia in the amount of $436 million to the direct ownership of the parent company DTEK B.V. The repayment of this loan was predicted within 5-10 years of operation of DTEK's Rostov mines, depending on coal prices and the ruble exchange rate.

In 2020, it became known that Sberbank of Russia put forward claims for payment under a guarantee agreement in relation to the payment obligations of some of DTEK Energy's affiliates in accordance with the loan agreement concluded between these affiliates and the lender.

In August 2021, the FAS Russia approved the application of the Cyprus company Valleyton Investments Limited to acquire control over the Russian assets of DTEK – JSC Donskoy Anthracite, Sulinanthracite LLC and JSC Obukhovskaya Mine Office.

Source: www.en.interfax.com.ua