Ukraine's largest vertically integrated mining and steel group Metinvest has announced that it has secured a $175 million three-year amortized stand-by loan from Sberbank of Russia, which will be used to support its ongoing asset modernization and for general corporate purposes.
Accordingly, this is the second loan secured by Metinvest in 2011, following an earlier loan of $75 million secured from Rabobank Group on February 17.
In 2010, Metinvest attracted a $700 million syndicated loan arranged by Deutsche Bank AG and provided by a syndicate of 14 banks. According to Thomson Reuters Loan Pricing Corp., it was the largest loan secured by a private Ukrainian company over the last two years. Previously, a $1.5 billion syndicated loan obtained by Metinvest in July 2007 was recognized as the largest credit facility secured by a private Ukrainian entity.