Stockholm, 2013-08-14 08:45 CEST (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces that it has received an extension of the $5 million Vostok Nafta loan originally drawn in November 2012.
The Vostok Nafta loan currently carries an annual interest rate of 9 percent and matures on December 31, 2013. Under the revised loan terms, the loan maturity has been extended one year until December 31, 2014. The annual interest rate will increase to 11 percent for the first six months of 2014 and to 13 percent for the last six months of 2014. Interest is due quarterly, and RusForest may repay the loan at any time without penalty. The loan is secured by a pledge of RusForest’s interests in certain forestry assets.
RusForest believes the loan extension will provide the Company with more flexibility to complete the turnaround of its operations.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products. RusForest is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
