A syndicate of banks has extended a US$1bn pre-export finance debt facility to mining company Kazakhmys.

The facility replaces a US$2.1bn facility which was due to mature in February 2013, and is priced at Libor plus 2.8%. It has a maturity of five years and will help support copper projects in Bozshakol and Aktogay, as well as being used for general corporate purposes.

The mandated lead arrangers are Bank of China, Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, ICBC, ING Bank, Natixis, Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit. The arrangers are Bank of America Merrill Lynch, Citibank, Crédit Agricole, JP Morgan and RBS. The agent is Deutsche Bank and the security trustee is ING.

There will be a one-year availability period, with amortisation taking place over three years from January 2015, until final maturity in December 2017.

Kazakhmys’s CFO Matthew Hird says: “”We are delighted to have completed this replacement debt facility and the competitive pricing reflects the strength of our business. The facility will provide financial flexibility as we invest in our major expansion projects during the next three years, and is a helpful addition to our project specific loans.”