Metinvest increases pre-export syndicated credit from $300m to $700 m

15:54

Metinvest Group, the largest mining and smelting company in Ukraine, has decided to increase its three-year pre-export credit from $300 million to $700 million, according to a company press release posted on its Web site

This is due to the increase in the number of applications seen now, compared to the number seen when the credit was issued.

The funds attracted will be used for general corporate purposes and for the further modernization of the company's assets.

The credit was issued with an interest rate of 5.5% per annum. A corresponding credit agreement was signed on July 23, 2010.

The organizer, agent and authorized representative on the syndicate was Deutsche Bank AG. Fourteen banks participated in the credit syndicate, including Alfa-Bank, BNP Paribas SA (Switzerland), Credit Suisse, Deutsche Bank AG, Erste Group Bank AG, Gazprombank, ING Bank N.V., Natixis, Raiffeisen Zentralbank Österreich Aktiengesellschaft, Sberbank, VTB Western Europe Subgroup (VTB Bank (Austria) AG, VTB Bank (Deutschland) AG, VTB Bank (France) SA), and WestLB AG.