24 May 2010
NLMK Group’s EUR 524 million ECA-backed finance facility has been named ‘Deal of the Year’ by Trade Finance and Trade & Forfaiting Review magazines
NLMK Group’s ECA-backed loan, which raised EUR524 million to finance the purchase of imported equipment, has won the Trade Finance and Trade & Forfaiting Review magazines’ ‘Deal of the Year’ award.
NLMK Group closed the EUR524million facility in December 2009. It was used to finance 19 commercial agreements with 7 leading European engineering companies for the purchase of equipment. The facility, which bears a weighted average interest rate of EURIBOR + 1.53, has a maturity of 7 – 10 years. The proceeds are being used to advance projects that are part of NLMK’s Technical Upgrade Program. The funds are provided by a range of major international banks including Société Générale Corporate & Investment Banking, Bayerische Landesbank, Deutsche Bank, and ING Wholesale Banking under guarantee from the Export Credit Agencies (ECA) - Hermes, OeKB, ODL and ONDD.