Khrunichev Space Center Takes Out $50 Million Loan

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File photo of Proton rocket first stage engines in the Khrunichev Plant.

Moscow (SPX) Aug 31, 2005
The Khrunichev State Research and Production Space Center has taken out a $50 million syndicated loan, reports RIA Novosti.

According to a press release by the International Moscow Bank, which arranged the loan in cooperation with Eurobank, the two-year loan will fund the center's daily operations and is secured on profits from commercial satellite launches.

The International Moscow Bank is the nominal creditor and agent of the transaction.

The Khrunichev Space Center was founded in 1993 on the basis of the country's major aircraft and spacecraft manufacturers, the Khrunichev Works and the Salyut Design Bureau. The Space Center represents the nation's history of strategic aviation, intercontinental ballistic missiles, and modern space equipment.

Founded in 1989, the International Moscow Bank's shareholders are major foreign banks, including Germany's second largest bank, HypoVereinsBank, which owns the controlling stake (53%).

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