EuroChem Group AG announced that it has signed a $750 million pre-export finance facility with a club of leading international banks.
Structured as a 4-year facility, the deal comes with a 2-year grace period and achieved attractive pricing. The Company plans to use the proceeds to refinance part of its debt as well as for capital expenditure and other general corporate purposes.
Amid challenging market conditions, EuroChem’s high-quality borrower status once again shone through as robust demand from international lenders led to a twofold oversubscription in the order book.
Andrey Ilyin, EuroChem CFO, commented: “We are pleased with the outcome and the level of support we saw from both our traditional lenders and some new relationships. The facility will help the Group continue to optimize its debt portfolio”.
Alexander Gavrilov, Deputy CFO and Head of Corporate Finance, added: “For a borrower with a significant Russian component in its business profile, we have secured very attractive pricing in the current environment. Our track record helped us overcome the headwinds, allowing our bank partners to focus on EuroChem’s underlying strength as a borrower”.
Mandated lead arrangers of the Facility are (in alphabetic order): Bank of America Merrill Lynch International Limited, Bank of China (Hungary) Close ltd, Commerzbank Aktiengesellschaft, Luxemburg Branch, Deutsche Bank AG, Amsterdam Branch, HSBC Bank plc, Intesa Sanpaolo S.p.A., London Branch, Natixis, Nordea Bank AB, PJSC Rosbank, Sberbank (Switzerland) AG, Société Générale, and UniCredit Bank Austria AG, with Deutsche Bank AG, Amsterdam Branch, acting as facility and security agent and Merrill Lynch International as fixed rate agent. Natixis acted as coordinator and documentation agent.