Last Updated February 08, 2008
Copper mining company Kazakhmys is raising a five-year US$2.1bn pre-export finance debt facility to fund its acquisition of the Ekibastuz coal-fired power plant in Kazakhstan. Deutsche Bank has managed the first phase of the financing, which is now complete with the deal significantly oversubscribed.
Alongside Deutsche, the mandated lead arrangers are ABN Amro, Barclays Bank, BNP Paribas, Calyon, Commerzbank, Dresdner Bank, ING Bank, Natixis, Soci&eaute;té Générale SMBC, BTMU UFJ and WestLB.
The facility is now entering its second phase of syndication, with an additional limited group of banks set to join the transaction with signing due before the end of February.
Kazakhmys has bases in Kazakhstan, Germany and the UK and its main business lines involve mining, processing, smelting, refining and sale of copper and copper products such as cathodes and rods. The company is the 10th largest refined copper producer, and 10th largest mined copper producer in the world, based on 2004 production figures.
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