Russian metals giant Norilsk Nickel has signed a 16-month extension and a US$100mn increase of the revolving tranche of its three-year pre-export finance facility, bringing the total actual available amount to US$300mn.
The extension and increase were coupled with the reduction in the revolving tranche margin to 140bp.
The increase was achieved through the combination of an increase in the existing syndicate commitment and commitments from new lenders via syndication. The facility increase was oversubscribed by more than 50%.
Citibank, ING and SG Corporate & Investment Banking acted as joint bookrunners while SG coordinated the syndication process.
SG is facility agent, ING is security agent and passport bank. The facility remains secured by a long-term nickel contract with Outokumpu Group, the largest producer of stainless steel worldwide.
The following international banks are part of the existing syndicate: BNP Paribas, CCF, ZAO Calyon Rusbank, Fortis Bank London, HSBC, KBC, Natexis Banques Populaires and WestLB AG.
The new lenders are Banque Commerciale pour l ‘Europe du Nord – Eurobank, Bayerische Hypo und Vereinsbank, Commerzbank and Sumitomo Mitsui Banking Corporation Europe.
OJSC Mining and Metallurgical Company Norilsk Nickel is the world’s largest producer of nickel and palladium, and a major producer of platinum, copper, gold and cobalt.