Moscow. INTERFAX-PIA. Net asset value (the Company`s assets minus its liabilities) of PAO NK RussNeft, whose IPO the Russian market is waiting for, has become positive. It amounted to $64.1 billion for the first 9 month of this year, while last year its value was negative 110 billion rubles.
As was mentioned in IPO prospectus, loan debt of RussNeft to VTB (MOEX: VTBR) currently stands at 1.264 billion rubles. Pursuant to the restructuring agreement with VTB, maturity of the loan has been extended to 2023 and payment schedule has been changed. Thus, the Company has to pay $10 million each quarter in 2015-2017, $110 million quarterly starting from Q1 2018 and $100 million - from Q2 2020 till the final redemption date.
As reported in H1 2016 IFRS statements, in the first quarter of 2016 the company conducted scheduled principal payments of the VTB loan in the amount of $ 8.5 million and interest payment of $ 41 million. Furthermore, in April the Company allocated $700 million for early principal payments and $6 million for interest payments. In June, the Company redeemed $17 million in interests.
Last autumn, when the net assets value of RussNeft was negative 110.743 million rubles, the Company converted its $984-million debt to Swiss resource trader Glencore into 46 % stake. After the deal, value of its assets has risen sharply to negative 11.205 billion rubles, as of December 31.
As of March 31, 2016 net assets value amounted to negative 6. 768 billion rubles, and at the end of June - to negative 2.584 billion rubles.
