Ukrainian metals company Metinvest has closed a US$850mn pre-export credit facility (PXF) with six international banks.

The five-year loan will be used to replace two existing pre-export finance facilities on improved terms and is priced at 300 basis points over Libor.

Deutsche Bank, ING, Natixis, UniCredit and WestLB are the mandated lead arrangers and bookrunners for the deal, while BNP Paribas is acting as mandated lead arranger only.

The group of banks will be launching syndication in September and will target an increase of the facility amount.

Deutsche Bank is also acting as coordinating mandated lead arranger, facility agent and security trustee, the bank says.