EuroChem Group has sealed an US$800mn pre-export facility (PXF), arranged by ING and Citibank, to refinance debt.

The five-year facility comes with a two-year grace period and will refinance part of the company’s debt, including the full repayment of a PXF facility signed in August 2015. The facility is guaranteed by the group’s trading entity located in Florida.

ING was the co-ordinator and documentation agent for the deal, which included Bank of China, Citibank, Commerzbank, Crédit Agricole, Industrial and Commercial Bank of China, Mizuho Bank, Natixis, Nordea, Raiffeisenbank, Société Générale, Rosbank, UniCredit. Citibank acted as facility agent and security trustee.

Law firm Morgan Lewis advised on the deal.

Commenting on the deal, Morgan Lewis partner, Grigory Marinichev says: “This year we have already seen a number of Russian corporates accessing the syndicated bank lending market and the facility for EuroChem demonstrates that the market is there for solid corporates.”