FESCO Group refinances its obligations with an international bank

FESCO Group has entered into a loan agreement to refinance its obligations under the repurchase agreement with an international bank entered into in May 2015, the company said in its press release. The repurchase agreement was entered into for the purposes of partially financing the FESCO Group’s tender offer for its U.S.$550,000,000 8.00% Senior Secured Notes due 2018 and U.S.$325,000,000 8.75% Senior Secured Notes due 2020 conducted in 2015. As part of the refinancing, the notes that were transferred to the international bank under the repurchase agreement have been retransferred to the FESCO Group and will be used to secure the refinancing loan.