NLMK’s €524 million finance facility named ‘Deal of the Year’

Monday, 24 May 2010 17:17:29 (GMT+2)

The Russian steel producer Novolipetsk Steel (NLMK) has announced that its €524 million finance facility under guarantee from export credit agencies (ECAs) has been named ‘Deal of the Year' by Trade Finance and Trade & Forfaiting Review magazines.

As SteelOrbis previously reported, NLMK closed the €524million facility in December 2009. The facility has been used to finance the purchase of equipment in the context of 19 commercial agreements with seven leading European engineering companies, concluded within the framework of its technical upgrade program, and it will allow NLMK to carry forward the financing load of its capital expenditure program. The facility, which bears a weighted average interest rate of EURIBOR + 1.53, has a maturity of 7-10 years.

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