Metinvest Secures USD 325 Million 3-Year Syndicated Finance Facility
OREANDA-NEWS. June 5, 2012. Metinvest B.V., a parent company of the international vertically integrated steel and mining group of companies (jointly referred to as “Metinvest”), today announced that it has secured a USD 325 million 3-year pre-export finance facility (the “Facility”) arranged by Deutsche Bank AG, thereby exceeding the initial target level of USD 300 million which was set at the launch of the syndication to a group of relationship banks in April 2012. The Facility pays an interest margin of 4.75% per annum over LIBOR.
Deutsche Bank AG acted as Coordinating Mandated Lead Arranger and Bookrunner for the syndication, while ING Bank N. V., Morgan Stanley Bank International Limited, Natixis, Rabobank International and WestLB AG acted as Mandated Lead Arrangers, and ABN Amro Bank N. V. acted as Arranger.
Sergiy Novikov, Chief Financial Officer of Metinvest, commented: "We have carried out a number of successful fund raisings over the past year. We are extremely pleased that — despite the current volatile market conditions — international investors reaffirmed their confidence in the quality of our assets and our development strategy by expressing a high level of interest in our latest capital markets deal. We have managed to secure financing in excess of our initial target, with our facility being oversubscribed. The proceeds of the facility will be used to fund the working capital needs of the Group, contribute towards our capital expenditure programme and for general corporate purposes."