Russian Copper Company (RCC) has completed the syndication of its US$250mn pre-export finance (PXF) facility.
The loan, which has a tenor of five years, was launched into syndication in October by Natixis, Société Générale and Rosbank, who acted as mandated lead arrangers (MLAs) and bookrunners.
The facility was oversubscribed and eight banks joined during syndication. Nordea, Sberbank Europe and Alfa Bank signed up as MLAs while Amsterdam Trade Bank, ICBC and Galena joined as lead arrangers and Fimbank and Federated came in as arrangers.
The PXF, which covers RCC’s export of copper cathode and copper wire rod, will be used to refinance the company’s existing debt and for working capital. “The facility is backed by the assignment of export proceeds up to the final buyers and by first demand guarantees from [RCC],” the company says in a statement.