January 9, 2017 / 10:09 AM / 10 months ago

BRIEF-Russia's Sistema agrees with VTB on financing of RTI unit

Jan 9 (Reuters) - Sistema :

* Says it has agreed with VTB Bank on long-term financing for RTI Group, a high-tech unit of Sistema.

* VTB will provide up to 28.5 billion roubles ($475.5 million) to refinance RTI’s debt, except for liabilities pertaining to state defence orders.

* The loan agreements provide for the deferment of about 60 percent of RTI’s debt until 2021, to be followed by annual settlement payments through the end of 2026, as well as a grace period for interest payments.

* The rest of the debt will be refinanced through five-year revolving credit lines.

* Sistema will buy from VTB 15.32 percent of RTI’s share capital for 4.5 billion roubles, with final settlement in January 2019.

* The acquisition will make Sistema the owner of 87 percent of the equity in RTI. Source text for Eikon: Further company coverage: ($1 = 59.9359 roubles) (Reporting by Moscow Newsroom)

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