Borets

completed

Borets International Limited (“BIL”, or ‘the Group”) and its subsidiaries (“Borets” or the “Company”) 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 from the reservoir to the surface. In addition, Borets provides extensive services from ESP repair and maintenance contracts to logistics, inventory and field monitoring and supervision services. Borets also makes other products used in the oilfield services sector such as submersible centrifugal pumps, submersible motors, cables, and surface control equipment. The Group has 10 manufacturing locations, 6 in Russia, and one each in Western Europe, China, the U.S. and Canada. The Group also has 18 service centers, 7 in Russia. It has 8644 employees worldwide, including 8061 in Russia. BIL approached IFC, EBRD and DEG to finance its $230 million investment needs which include: (i) refinancing its outstanding long-term debt; (ii) funding mainly the working capital and capital expenditure requirements of the Group’s international expansion (largely allocated to Mexico, Brazil, Indonesia, Africa and China but such allocation may change depending on the timing and results of the bidding processes for service and equipment sales contracts in most cases); and (iii) modernization and working capital requirements of its operations in Russia (the “Project”).