Borets

completed

Borets International Limited and its subsidiaries (“BIL”, “Borets” or the “Group”) are the leading Russian producers of electrical submersible pumps (“ESPs”). ESPs are an important part of the oil production process and are installed in oil wells that do not have sufficient reservoir pressure and need supplemental energy in raising oil out of the reservoir to the surface. The Group has 11 manufacturing locations, 7 in Russia, and one each in Slovakia, China, the U.S. and Canada. It has over 8,600 employees worldwide, including 8,000 in Russia. BIL approached IFC, the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwicklungsgesellshaft (DEG) and various commercial lenders to finance its investment needs which include: (i) refinancing its outstanding long-term debt; (ii) funding working capital and capital expenditure requirements of the Group’s south-south expansion (e.g. to Mexico, China, Indonesia, Nigeria, Angola and various other emerging countries); and (iii) modernization and working capital requirements of its operations in Russia (the “Project”).