EuroChem has signed a US$750mn pre-export finance facility to refinance part of its debt, as well as for capital expenditure use and other general corporate purposes.
The banks involved as mandated lead arrangers (MLAs) are: Bank of America Merrill Lynch (BofAML), Bank of China, Commerzbank, Deutsche Bank, HSBC, Intesa Sanpaolo, Natixis, Nordea, Rosbank, Sberbank, Société Générale, and UniCredit. Deutsche Bank also acted as facility and security agent, BofAML as fixed rate agent, and Natixis as co-ordinator and documentation agent.
The deal is structured as a four-year facility, and comes with a two-year grace period. According to EuroChem, the facility attracted strong demand from international lenders and was oversubscribed. “For a borrower with a significant Russian component in its business profile, we have secured very attractive pricing in the current environment. Our track record helped us overcome the headwinds, allowing our bank partners to focus on EuroChem’s underlying strength as a borrower,” says Alexander Gavrilov, deputy CFO and head of corporate finance.
Andrey Ilyin, EuroChem CFO, adds: “We are pleased with the outcome and the level of support we saw from both our traditional lenders and some new relationships. The facility will help the group continue to optimise its debt portfolio.”