Banks have signed up to a three-year US$250mn dual-tranche pre-export financing for Russia’s JSC Norilsk Nickel. There was an oversubscription to US$300mn which will not be taken up. Mandated arrangers are Citigroup, ING and Société Gén érale, with the following participating: BNP Paribas, Cr édit Lyonnais, HSBC/CCF, Fortis Bank, KBC, Moscow Narodny Bank, Natexis Banques Populaires and WestLB. ING Bank (Eurasia) ZAO is servicing settlements as passport bank. ING Bank NV (London) is security agent and joint bookrunner. Société Gén érale is facility agent and joint bookrunner. Citigroup is coordinating bookrunner.
The deal is structured as a combination of a revolving credit line for US$100mn and a term loan of US$150mn. Pricing of the revolving credit line is 3% per annum over Libor. The three-year term loan is priced at 3.25%. This is the first revolving credit for a Russian corporate to be syndicated in the international market.
“This credit facility is a result of the positive reception of the company in the international loan markets in recent years,” says a bank participant. “It also provides for good prospects for further co-operation with foreign financial institutions and investors.”