denotes premium content | Sep 8 2008 News
posted 25 Jun 2008
Deal news
Suek concludes $800m PXF
The Siberian Coal Energy Company (Suek) has concluded an $800m pre-export finance facility through a syndicate of eight international banks – the largest syndicated loan in the Russian coal sector to date.
The loan, is earmarked for the refinancing of Suek’s existing debt with local banks, as well as the company’s acquisition and investments in the Russian power engineering sector. It has been split into two tranches.
Tranche A is a three-year $533.3m loan, paying at 140 basis points over Libor. Tranche B is a five-year $266.6m loan carrying a margin of 150 basis points over Libor for the first two years, 160 basis points in the third year and 170 basis points during the fourth and fifth years.
The financing, which was mandated in mid-February 2008 and concluded just three months later in May 2008, is the third syndicated facility to be led on behalf of Suek by Société Générale, following on from a $650m facility led by Société Générale last year.
Suek is Russia’s biggest coal miner and the only Russian company in the top-ten of the world’s biggest coal producers.
Deal breakdown
Co-ordinating MLA
Société Générale
MLAs and bookrunners
BNP Paribas, Barclays Capital, Calyon, ING Bank, Raiffeisen Zentralbank Osterreich and Sumitomo Mitsui Banking Corporation
Lead arranger
HSH Nordbank
Arrangers
Royal Bank of Scotland, ABN Amro, Bawag PSK, Citibank and Lloyds TSB
Lead managers
Helaba and Intesa Sanpaolo
Manager
Taiwan Cooperative Bank
