The Russian steelmaker Novolipetsk Steel (NLMK) has announced that its $1.6 billion syndicated pre-export finance facility has won the Trade Finance magazine Deal of the Year award.
In July 2008, NLMK secured a five-year $1.6 billion syndicated loan facility, with an interest of LIBOR + 1.2 percent. The loan is being used by NLMK to refinance its current debt, to finance its capital expenditure, in line with its technical upgrading program, as well as for general corporate purposes.
BNP Paribas and Société Générale were appointed as co-ordinating mandated lead arrangers for the facility.