This transaction is notable as it is the first ever unsecured syndicated revolving loan arranged to date for a Metals and Mining company in Russia.
The Facility attracted such strong support at the senior phase of syndication that no distribution was required in the retail market. The size of the transaction was increased from the initial amount of US$ 300 million after attracting commitments in excess of US$ 400 million from a 10-strong group of major international banks.
The Facility is a revolving credit line available for 1 year with two extension options of 1 year each. It is designed to improve the company’s debt portfolio by increasing the amount of committed credit facilities available to it. The facility will be used for Norilsk Nickel’s general working capital requirements.
Norilsk Nickel is the world’s largest producer of nickel and palladium, and a major producer of platinum, copper, gold and cobalt.