Uranium exporter Techsnabexport (Tenex) has completed a five-year US$500mn pre-export finance facility with a syndication of European, Asian and Russian banks.

The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Deutsche Bank, Nordea Bank, Rosbank and Société Générale were appointed as mandated lead arrangers and bookrunners for the facility. ING Bank and Natixis are acting as MLAs.

The deal, which is the first syndicated pre-export financing of uranium products, was coordinated by Deutsche Bank, which also acted as facility and security agent.

The transaction was guaranteed by Atomenergoprom (AEP) − the holding company for the civilian nuclear activities of the Tenex-owned Rosatom group − and was priced at 2.25% plus Libor per annum.

Tenex is the world’s largest exporter of low-enriched uranium products.

AEP is a Russian state vertical integrated company, which unites 89 enterprises of the civilian nuclear industry. The firm provides full production cycle of nuclear power engineering − from uranium production to nuclear power plant construction and energy generation.