A US$300mn medium-term loan for OAO SeverStal arranged by Moscow Narodny Bank (MNB) has been signed.
SeverStal is one of Russia’s leading vertically integrated steel producers and ranks among the world’s 20 largest steel making companies.
The facility has a six-year tenor with equal monthly repayments commencing after a 12-month grace period. The facility is secured by the export sales of steel products to end buyers via SeverStal Export GmbH, a subsidiary of SeverStal, based in Switzerland.
The joint arrangers of the facility are MNB, BNP Paribas, Calyon, Commerzbank, ING and KBC. MNB will act as the facility agent for the transaction. Calyon will act as the security trustee and Calyon Rusbank as the passport bank.
Prolink Finance acted as financial advisers to SeverStal in respect of the transaction.