Metinvest, an international metal and mining group, has mandated Deutsche Bank as co-ordinating mandated lead arranger and bookrunner on a three-year US$300m syndicated structured pre-export finance facility.
The facility is secured by an assignment of proceeds under steel export contracts by Metinvest International with the steel producers and exporters PJSC Azovstal Iron & Steel Works, Ukraine and PJSC Enakievo Metallurgical Works, Ukraine.
The export proceeds from sales of steel products will be paid into an offshore account held with Deutsche Bank Amsterdam Branch, in its capacity as agent.
The overall tenor is three years, with repayments in 24 equal and consecutive monthly instalments following a 12-month grace period. The facility will be used to fund the group’s working capital, capital expenditure (capex) and other requirements.
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