Ukraininan mining giant Metinvest has secured a new US$300mn five-year pre-export finance (PXF) facility).

The mandated lead arrangers were Deutsche Bank, ING, Natixis, Ukrotsbank and UniCredit – all of which acted as bookrunners too. East West United Bank joined the transaction as an arranger.

The finance will fund the company’s capital expenditure programme and fulfil general corporate requirements. It is priced at Libor plus 5.25%, with a grace period of 18 months.

The facility can be viewed as a replacement for a near-identical loan secured this time last year. The December 2012 PXF was arranged by Deutsche Bank, Natixis, ING and Raiffeisen. It was priced identically, but carried a tenor of just one year.

Metinvest taps the debt markets on a frequent basis. In March it signed a US$550mn PXF loan with a similar syndicate of banks.

The company’s finance director Sergiy Novikov says: “We are pleased to see continued interest in the group from the international financial community, which we view as an endorsement of our conservative financing approach and flexible business model. The attractive financing terms are a further testimony to this. The facility will allow us to continue optimising our debt portfolio and invest in improving the group’s efficiency and sustainability, both commercial and environmental.”