denotes premium content | Oct 15 2008 
News
posted 25 Jun 2008
Deal news
Norilsk nicks $1.5bn PXF deal
Norilsk Nickel, the world’s largest producer of nickel and palladium, has signed a $1.5bn, three-year pre-export finance facility.
The deal breaks down into three main elements: a $750m nickel and copper term pre-export finance facility, a $550m nickel and copper revolving pre-export finance facility and $200m of unsecured revolving credit. The pre-export tranches pay a margin of 85 basis points over Libor, while the unsecured portion pays 100 basis points.
The leading roles were taken by Société Générale, which acted as co-ordinating mandated lead arranger (MLA) and documentation agent, and Calyon, which acted as facility and security agent.
In its last financial year, Norilsk chalked up revenues of $17.1bn and earnings before interest, tax, depreciation and amortisation (EBITDA) of $10.2bn. The company is rated ‘Baa2’ by Moody’s and ‘BBB-’ by Standard & Poor’s and Fitch Ratings.
Deal breakdown
Co-ordinating MLA and documentation agent
Société Générale
MLAs
Bank of Tokyo-Mitsubishi UFJ, HVB (part of UniCredit), ING, Sumitomo Mitsui Finance Dublin, The Royal Bank of Scotland and WestLB
Facility and security agent
Calyon
