Norilsk1 Jul 2020 11:08
do you remember that Norilsk announced a re-financing package earlier this year to provide $2.5bln for capital expenditure, the following is from their website announcements
Sounds about right for a deal with Eursaia!
"NORNICKEL SIGNED A SYNDICATED LOAN AGREEMENT WITH A LIMIT OF UP TO $4.150 MILLION. UNITED STATES
Moscow - GMC Norilsk Nickel signed an agreement on February 20, 2020 to change the terms of the syndicated loan signed in December 2017 with a group of international banks worth $2,500 million. U.S., increasing the funding limit to $4,150 million. U.S., while reducing the interest rate and significantly increasing the maturity of the loan debt.
Taking advantage of the favorable market conditions, the company achieved favorable terms of syndicated credit, which was supported by strong demand from a number of American, European and Asian banks.
The funds will be used by Nornickel during the availability period up to the fourth quarter of 2020 to refinance current debt, as well as to finance capital expenditures and general corporate objectives.
Sergey Malyshev, Senior Vice President and Chief Financial Officer of Nornickel, commented: "The new syndicated loan will allow us to continue further optimization of the company's debt portfolio by eliminating the risk of refinancing and reducing the average cost of debt. One of the advantages of this loan is the multi-tranche structure, which allows to refinance existing debt by $2.5 billion. U.S. and provide a guaranteed source of competitive funding to pay off Nornickel's debt, including issuing Eurobonds in October 2020 and financing our investment program."
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