Siberian Coal Energy Company (Suek) has secured a US$400mn four-year coal pre-export facility through a syndicate of international lenders led by mandated lead arrangers Banque Société Générale Vostok (BSGV), SG Corporate & Investment Banking (SG CIB), ZAO Raiffeisenbank Austria (RBRU) and RZB.

Syndication closed heavily oversubscribed with commitments aggregating US$513mn raised from the market and the borrower elected to sign the facility for an amount increased to US$400mn on September 26, 2006 compared to the initial fully underwritten US$300mn objective.

The facility represents the largest ever syndicated transaction for a Russian coal producer and will be used by Suek to refinance existing debt on more competitive terms.

SG CIB and RZB acted as bookrunners, while RZB acted as documentation and facility agent and BSGV and RBRU as passport banks.

In addition to the MLAs, the syndicate of lenders includes Bayersiche Landesbank, BNP Paribas (Suisse), Bank of Tokyo-Mitsubishi UFJ, Calyon, Commerzbank, Deka Bank Luxembourg, Erste Bank London, Fortis Project Finance, HSH Nordbank London, Bayerische Hypo-und Vereinsbank, ING Bank, KBC Bank, Moscow Narodny, Sumitumo Mitsui Banking Corporation Europe and WestLB as lead arrangers.

GarantiBank International and Natexis Banques Populaires  are arrangers.
Banque Cantonale de Genà¨ve, NM Rothschild & Sons, DZ Bank and Raiffeisenlandesbank Niederösterreich-Wien are lead managers.

Suek is the major coal group in Russia. The company supplies nearly 30% of steam coal to the domestic market and around 20% of Russian exports.

It has its affiliates and subsidiaries in Krasnoyarsk, Primorsky, and Khabarovsk Territories, Irkutsk, Chita and Kemerovo regions, Buryatia and Khakassia