Ukraine’s Metinvest increases pre-export facility to $700 million

Thursday, 29 July 2010 17:05:01 (GMT+2)

The Ukrainian mining and steel producing company Metinvest Group has announced that it has decided to increase the amount of its three-year syndicated pre-export finance facility from $300 million to $700 million, following substantial oversubscription during syndication.

Accordingly, the funds raised will be used to further modernize Metinvest's assets as well as for other corporate purposes. The facility, led by Deutsche Bank AG as coordinator, facility agent and security trustee, and closed with a syndicate of 14 banks, was signed on July 23 2010 and carries a margin of 5.5 percent.

According to the data provided by Thomson Reuters Loan Pricing Corp. (LPC), this is the largest loan facility to be secured by a Ukrainian private business for the last two years. Ukraine's largest previous loan was a $1.5 billion syndicated facility that Metinvest signed in 2007.

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