Nornickel signs credit facility agreement with Commerzbank AG
OREANDA-NEWS. October 03, 2016. PJSC MMC Norilsk Nickel announces the signing of a 13-year EUR 37,8 million credit facility agreement with Commerzbank AG under Euler Hermes cover.
The proceeds will be used to finance 85% of the contract value for the construction of an electric power substation in Norilsk area. Thyssen Schachtbau GmbH acts as the general contractor of the project.
Sergey Malyshev, the Company’s Senior Vice-president and Chief Financial Officer commented: “Considering our large-scale investment program the company intends to use ECA financing on a more regular basis. It is a good opportunity to raise cheap and longer-dated financing as well as to diversify funding sources. This new transaction will serve as a milestone in our work with foreign suppliers and contractors.”