Global potash producer Uralkali has signed a four-year US$530mn pre-export finance (PXF) facility with eight international banks.

Natixis took on the role of global co-ordinator and documentation agent of the facility and was joined by ING (as facility and security agent) and Société Générale (as fixed rate agent).

The bookrunners and mandated lead arrangers are: ING, Natixis, Nordea, Rosbank and Société Générale. Commerzbank joined as a lead arranger and IKB as arranger. Industrial Commercial Bank of China, China Construction Bank and IKB also participated in the facility as lenders.

The loan is priced at 330 basis points over Libor. It will be used for general corporate purposes and to refinance Uralkali’s existing loans. The company has the option to increase the amount to up to US$800mn.

Anton Vishanenko, Uralkali CFO, comments on the financing: “The new self-arranged pre-export facility, which we initiated in November 2014, demonstrates availability of international funding to top-tier Russian borrowers even during unfavourable macroeconomic conditions. Uralkali continues to develop relationships with foreign financial institutions and we see appetite for our business from our long-standing partners. The funds raised through this committed credit line will enable us to optimise our existing debt portfolio.”