NLMK Sales Europe (NSE), a subsidiary of steel giant NLMK Group, has signed a €130mn borrowing base revolving credit facility with five European banks.

ING was co-ordinated bookrunner and mandated lead arranger (MLA) on the four-year facility, and was joined by Rabobank, DZ Bank, Raiffeisen Bank and Société Générale as MLAs.

According to Hogan Lovells, which advised ING on the transaction, the loan was oversubscribed “following strong interest from NSE’s core relationship banks”.

NSE is part of the NLMK Belgium Holdings, owned by both NLMK Group and the Walloon Region investment company SOGEPA. SOGEPA is guaranteeing the deal, which will be used for general corporate and working capital purposes.

Hogan Lovells partner David Leggott says: “All parties involved should be very pleased with the result here, which has been achieved notwithstanding some general headwinds in the markets at the moment.”