Mandated lead arrangers ABN AMRO, BNP Paribas, Deutsche Bank and ING are receiving the final commitments for the US$1.5bn pre-export facility for Metinvest. Senior syndication is set to close within the next two weeks.

According to those working closely to the deal, it has proved to be a popular transaction in the market.

The facility has set a new benchmark for the Ukrainian market, as it is the largest financing raised in the country to date. It carries a five-year tenor and pays a relatively low margin of 170 basis points over Libor, compared to other Ukrainian transactions. It is being used to finance exports, modernise operations and refinance existing debt.