A US$180mn pre-export facility for Madneuli, a copper and gold mining company in Georgia has been launched into syndication. Deutsche Bank was mandated to arrange the facility earlier this year.
The facility pays a healthy margin of 3% plus Libor. A special purpose vehicle, Karlou, has been set up to act as the borrower on the transaction.
Madneuli is a long established producer of gold and copper concentrate in Georgia. It was privatised in 2005, and is owned by Russian shareholders.