Russian steel firm Metalloinvest has won a US$120mn bilateral pre-export finance facility (PXF) from Rabobank.

The loan will amortise quarterly and has a 12-month grace period with a fixed-rate margin. The proceeds will be used to refinance existing debt, a spokesperson at Rabobank tells GTR.

Rabobank is the arranger and sole lender on the deal, while Credit Agricole is acting as the passport bank.

Metalloinvest was last in the market with a US$3.1bn PXF in April 2011 – the largest PXF syndication in Russia’s metal and mining industry history.