OREANDA-NEWS. January 23, 2013. Sberbank CIB acted as a joint mandated lead arranger and lender for a USD 280 mln bridge loan for Nord Gold N.V. (Nordgold) to finance the buyout of the minorities in the Canadian mining company High River Gold Mines Ltd (HRG).

The six-month bridge loan was jointly coordinated by Sberbank CIB, Natixis, and Sociйtй Gйnйrale. The financing structure was adapted to the timeline of the HRG minority share purchase and gave Nordgold additional flexibility to make multiple drawdowns in accordance with the schedule of payments to HRG minorities. As a result of the successful deal, Nordgold has increased its stake in HRG from 75.06% to 97.9%. Consolidation of a 100% stake in HRG is planned for 1H2013.

This bridge loan marks the first time Nordgold has secured financing with Western European banks. The company has appointed Sberbank CIB, Natixis and Sociйtй Gйnйrale as exclusive mandated lead arrangers and bookrunners to refinance the bridge loan through a new gold pre-export finance facility which will be shortly launched.

Norton Rose served as legal advisor to the banks on the bridge financing.