Mandated lead arrangers ABN Amro, BNP Paribas, Deutsche Bank and ING have launched general syndication of the US$1.5bn pre-export facility for the Ukrainian firm Metinvest. A bank meeting is being held this Friday and it is hoped the deal will be closed before the end of the year.
Reflecting market trends the syndication period has been fairly lengthy, but the deal has still managed to raise a significant amount of funds during senior syndication.
The deal was initially launched in August and set a new benchmark for the Ukrainian market, marking the largest financing raised in the country to date. It carries a five-year tenor and pays a margin of 170 basis points over Libor, a relatively low margin compared to other deals raised in the Ukrainian market.
The funds will be raised to support exports, modernise operations and refinance existing debt. (Click here to read previous story on Metinvest GTR e-News September 14, 2007.)
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