Project description
and objectives:
|
The proposed loan will enable OJSC Autocrane (the “Company”) to finance the
acquisition of other Russian heavy machinery manufacturer, to restructure the
balance sheet of the Company and to finance its Capex programme. This
operation will also allow the OJSC Autocrane to further strengthen its
position on the Russian autocrane market and to enhance compliance of the
Company with the Russian Corporate Governance Code.
|
Transition impact:
|
The transition impact potential of the Project is derived primarily from
strengthening OJSC Autocrane corporate governance standard and business
practices with special regard to financial and organisational transparency.
The demonstration effect of successful restructuring is another potential
transition benefit of the Project. The Company continues - in the context of
this transaction - its own modernisation and restructuring process aimed at
fostering competitiveness and energy efficiency while at the same time seeking
to turn around the companies to be acquired in the near future. An important
component of the restructuring process will be the adoption and implementation
of an Environmental Action Plan to support the best environmental standards
within the industry.
Through the above channels the Project is expected to set good examples for
other companies in the sector and the region in need of further modernisation
and improvements of their corporate governance and business standards.
|
The client:
|
Open Joint Stock Company “Autocrane” is a leading Russian machine building
plant producing mobile cranes and slewing rings.
|
EBRD finance:
|
The EBRD will provide a senior loan for an amount of up to USD 40 mln to OJSC
Autocrane, of which USD 10 million will be syndicated to commercial bank(s).
|
Total project cost:
|
Total project will amount to approximately USD 40 million.
|
Environmental impact:
|
The project has been screened B/1 requiring an environmental audit of the
Company's environmental policies, procedures and practices and site reviews of
the production facilities. An independent consultant carried out this work and
recommended to implement a time-bound Environmental Action Plan ("EAP"), which
will be covenanted in the legal agreements. The Company will be required to
provide the Bank with an annual environmental report on compliance status and
the implementation of the EAP.
|
Technical
cooperation:
|
None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
|
Company contact:
|
OJSC Autocrane, Ivanovo, str. Nekrasova, 61
Website: www.cranes.ru
|
EBRD contact:
|
Serdar Annamukhamedov, Operation Leader: annamuhs@ebrd.com
|
Business opportunities:
|
For business opportunities or procurement, contact the client company.
|
General enquiries:
|
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
|
