JSC Techsnabexport, an exporter of low-enriched uranium products (EUP), has completed the syndication of a US$500m pre-export finance facility, with the latest tranche being disbursed last week by a syndicate of international banks. The transaction was guaranteed by JSC Atomenergoprom, the holding company for the civilian nuclear activities of the Rosatom group and was priced at Libor+2.25% per annum.
The five-year deal is the first syndicated pre-export financing of uranium products ever and has attracted significant interest from financial institutions in the European, Asian and Russian markets. The Bank of Tokyo-Mitsubishi, BNP Paribas, Deutsche Bank, OJSC Nordea Bank, Rosbank (Société Générale Group) and Société Générale Corporate & Investment Banking were appointed mandated lead arrangers and bookrunners. ING Bank and Natixis joined as mandated lead arrangers. Rosbank acted as passport bank for the facility. The deal was co-ordinated by Deutsche Bank, which also acted as facility and security agent.
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