Interfax-Ukraine reported that Ukrainian coal company Sadovaya Group has raised a USD 25 million 5 year loan from Kyiv-based OTP Bank.

Sadovaya Group report for the Warsaw Stock Exchange says the agreement was signed last Friday.

The loan will be offered at monthly LIBOR plus 8.5%. It will go to the group Sadovaya Mine LLC and Rassvet-1 Mine LLC.

The money will be used to refinance an existing OTP loan of USD 18 million and measures to develop Sadovaya Mine.

Sadovaya Group is a major private coal producer in Ukraine. It placed 25% of its shares in an IPO on the Warsaw Stock Exchange in December 2010 and raised PLN 92.6 million.

(Sourced from Interfax-Ukraine)