Sberbank CIB and UniCredit Bank Austria AG acted as Mandated Lead Arrangers of a syndicated pre-export finance facility for Metalloinvest Group
Sberbank CIB and UniCredit Bank Austria AG acted as Mandated Lead Arrangers and Coordinators of a USD 400 mn syndicated loan for Metalloinvest Group. The facility can be increased up to a maximum amount of USD 450 mn.
According to the terms of the agreement the new facility is divided into two tranches with a period of five and seven years respectively. The deal has been organized as a syndicated pre-export finance facility («PXF»). The funds will be used to refinance short term indebtedness of the Group as well as to finance general corporate purposes. The facility has been secured by export revenues and the guarantee of Metalloinvest Holding Company JSC.
Yan Veytsman, Head of the Metals & Mining Division, Client Management Department, Managing Director, Sberbank CIB, said: «At the end of a difficult for the steel industry 2015 Metalloinvest increased its production figures and increased its share of supply iron ore products in the domestic market to 66% thanks to higher supply of domestic metallurgy. Sberbank CIB appreciates partnership with Metalloinvest Group and always strives to maintain the leading companies of strategic importance for the Russian economy sectors, offering comprehensive financial solutions. The success of the transaction shows the ability of Russian steel and mining companies to attract long-term financing both in the domestic and international market.»
Vadim Aparhov, Head of Large Corporates Department of UniCredit Bank said: «Banks of UniCredit Group have cooperated closely with Metalloinvest Group for several years, that continues to show good results, despite the difficult situation on the market. Arranging such transactions we always strive to take advantage of close cooperation within the Group between a local bank and other banks of the Group in this case, UniCredit Bank Austria AG, which allows us to offer very favorable conditions for the company.»