St. Petersburg, 20 April, 2007 - LSR Group, a diversified holding company with operations in construction material manufacturing and real estate development, has received a loan for RUR 5 bn (approx USD194mn) from Deutsche Bank AG London. The two year loan is the largest ever received by a Russian construction company and was provided with a highly competitive interest rate.
Elena Tumanova, CFO of LSR Group commented: “Our policy of financial transparency and the stable growth of our business meant we were able to receive this financing with such favourable conditions from a global bank.”
Yuri Soloviev, Member of the Deutsche Bank Board in Russia and Head of Global Markets for Russia & CIS at Deutsche Bank said: “The LSR Group is an acknowledged leader in the construction market. We liked that the company is well managed, has ambitious development plans and great growth perspectives. Therefore we were pleased to provide financing for such a robust company.”
LSR Group has an established credit history and is a familiar name on the local debt market. The group has two bond issues traded on MICEX. The first, for a total amount of RUR 1 bn, was placed in March 2005, and the second, raising RUR 2 bn, was placed in December 2006.
Financing received from Deutsche Bank will be used for the restructuring of the company’s current financial liabilities and to finance investment projects. The LSR Group’s current largest projects include the construction of Russia’s largest brick plant, the building of a cement factory in the Leningrad Region and further development of the company’s aeroconcrete business.
For more information please call:
+7 (812) 314 1044
+7 (495) 797 5303
About LSR Group
LSR Group is one of the largest construction industry groups in Russia. The main activities of LSR Group include real estate development, production of building materials and aggregates, construction services and construction.
Companies of LSR group:
№1 bricks producer in Russia
№1 aerated concrete producer in Russia and Northern Europe
№1 aggregates producer in Russia
№1 ready-mixed concrete producer in Russia
№1 hi-end housing developer in St. Petersburg
№1 reinforced concrete producer in St. Petersburg
№1 large-panel housing contractor in St. Petersburg
About Deutsche Bank
With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
Deutsche Bank Ltd. (Deutsche Bank Moscow) was established in April 1998. The Bank is a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank Moscow has become one of the largest foreign banks in Russia. Deutsche Bank Moscow provides local and international, corporate and private clients with a broad range of financial services, comprising corporate finance and advisory, sales, trading, transaction banking as well as private wealth management and asset management services.