VSMPO-Avisma Corporation, the world’s largest titanium manufacturer, has received a US$250mn pre-export credit facility from a consortium of 10 banks.

Launched at US$120mn, the facility was highly oversubscribed. Crédit Agricole Corporate and Investment Bank (CIB) acted as co-ordinator and bookrunner. The bank confirms to GTR that the loan has a tenor of three years, but cannot reveal pricing details.

Mandated lead arrangers include the Industrial and Commercial Bank of China (ICBC), ING, Natixis, Nordea Bank, Raiffeisen Bank and UniCredit. Senior lead arrangers include the Bank of Tokyo-Mitsubishi UFJ (BTMU), BNP Paribas and Société Générale CIB.

Norton Rose acted as legal advisors on behalf of the lenders, while Allen & Overy advised VSMPO.

The loan, signed on November 8, 2012 will be used for general corporate purposes and partially for refinancing of the company’s US$120mn facility signed in 2011.