Russia-based metals trader Metalloinvest has received a US$750mn pre-export finance (PXF) facility from a syndicate of international banks.
The loan is split between a US$600mn, five-year tranche with a two-year grace period, and a US$150mn, seven-year tranche with a five-year grace period.
Bank of China, ING, Sberbank, Société Générale and UniCredit acted as co-ordinators and bookrunners, while Deutsche Bank, Intesa Sanpaolo and Nordea Bank were senior mandated lead arrangers (MLAs), and Bank of America Merrill Lynch, China Construction Bank, Credit Suisse, SGBT Finance and ICBC were MLAs on the transaction.
Both tranches have floating interest rates linked to Libor and will be redeemed in equal monthly instalments.
Proceeds will be used to repay part of the PXF Metalloinvest raised in March 2014, which is due between April and December 2016. The company will also use the additional liquidity for the redemption of Eurobonds due in July 2016.