DTEK, the largest private energy provider in Ukraine, has opened two large credit lines, with a combined value of around US$540mn.

From a syndicate of international banks, the company has concluded its debut structured pre-export financing (PXF). The US$375mn facility was arranged by Deutsche, Raiffeisen, Gazprombank, Erste and UniCredit.

It has two tranches of three and five years, respectively, and will be used to finance the export of electricity.

The second facility is a Rb5.35bn loan from VTB Bank. Again, the loan has two tranches of three and five years, and will be used to replenish working capital and to fund capital expenditure.

The pair of loans comes in addition to a US$600mn bond the company placed in April, after which it tapped the market for an additional US$150mn of debt.

A company spokesperson tells GTR that should conditions be favourable in the coming months, “DTEK will be ready for doing new deals”.

The spokesperson describes the arrangement of both facilities as “smooth and quick”, saying the company is delighted to have secured so much capital in recent months given the current conservative approach being taken by many banks.