Swiss-headquartered resources company Ferrexpo, whose main interests are in Ukrainian iron ore assets, has secured a new pre-export financing facility for an amount of $350 million, allowing it to progress with key expansion projects, reads the company's report issued on Tuesday on the London Stock Exchange.
"Ferrexpo is pleased to have successfully renewed its debt facilities. The company initially aimed to secure a facility of $300 million; this was significantly oversubscribed and the facility was subsequently increased to $350 million. The group remains strongly cash generative and this financing, in addition to our growing cash balance, provides the company with the financial flexibility to progress with key expansion projects," Ferrexpo's CFO Chris Mawe said.
Accordingly, the loan matures on March 31, 2014, amortizing over 24 months following an 18-month grace period. Deutsche Bank AG acted as coordinator, mandated lead arranger and sole bookrunner for the loan and provided funding, alongside 11 other prominent financial institutions.