The
URALCHEM group, a leading Russian producer of mineral fertilizers,
has refinanced part of its loan portfolio by procuring a 5-year
unsecured syndicated loan.
Moscow,
Russia (November 21, 2013) -- The URALCHEM
group, a leading Russian producer of mineral
fertilizers, has refinanced part of its loan portfolio by procuring a
5-year unsecured syndicated loan. The proceeds of the loan have been
used to refinance the current syndicated loan deal, concluded in
December 2012, under which the Group used assignment of rights on its
export contracts as security interest for the loan.
The
syndicated loan was obtained on 18 November 2013 from a pool of
leading international and Russian banks. Nordea Bank AB (publ), HSBC
Bank PLC, Raiffeisenbank and and Rosbank (Société Générale Group)
were Mandated Lead Arrangers. Within the framework of the deal, OJSC
Nordea Bank acted as Documentation Agent and Nordea Bank AB (publ)
acted as Facility Agent. The deal was closed within a very short
time, only four weeks from the date of the official invitation to the
banks.
The
plant in Kirovo-Chepetsk acted as the borrowing party from the
URALCHEM Group. URALCHEM OJSC, the plant in Voskresensk, the plant in
Perm, SIA URALCHEM Trading in Riga and URALCHEM Trading House were
the guarantors of the loan.
The
amount of the loan in Euros is the equivalent of US $200 million. The
interest rate is Euribor 3m + 2.5%. The loan documentation made
provision for an option of a drawdown in Euros, which the company
used. The loan period is 5 years with a grace period of 2 years. This
was the debut unsecured syndicated loan for the Group, and it made it
possible to release secured assets on the assignment of rights on
export contracts. The new deal has allowed for reduction of the
interest rate on the loan by more than 1.5%, as well as the increase
of the average time frame for repayment of the loan.
Dmitry
Konyaev, CEO of URALCHEM OJSC commented, "Our mutually
beneficial cooperation with the leading banks that form the syndicate
has been going on for years. The terms of the new deal and the
efficiency of its closing show the high confidence that the banks
have in the Group and the sustainability of its financial position.
We are grateful to our creditors and appreciate our partnership with
them."
PR
department
URALCHEM,
OJSC
Tel:
+7 (495) 721 89 89
Email:
pr@uralchem.com
URALCHEM,
OJSC is one of the largest producers of nitrogen and phosphate
fertilisers in Russia and the CIS with production capacities of over
2.5 million tonnes of ammonium nitrate, 2.8 million tonnes of
ammonia, 0.8 million tonnes of MAP and DAP, 0.8 million tonnes of
complex fertilisers and 1.2 million tonnes of urea. URALCHEM, OJSC is
the second largest ammonium nitrate producer in the world and number
one in Russia, the second largest producer of nitrogen fertilisers in
Russia. Key production assets of URALCHEM, OJSC include Azot Branch
of URALCHEM, OJSC in Berezniki, Perm Region; OJSC Minudobrenia, Perm;
MFP Kirovo-Chepetsk Chemical Works, OJSC Branch in Kirovo-Chepetsk,
Kirov region; Voskresensk Mineral Fertilisers, OJSC in Voskresensk,
Moscow region.
Some
of the information in this press release may contain projections or
other forward-looking statements regarding future events or the
future financial performance of URALCHEM. We wish to caution you that
these statements are only predictions. We do not intend to update
these statements and our actual results may differ materially from
those contained in our projections or forward-looking statements,
including, among others, the achievement of anticipated levels of
profitability, growth, cost and synergy of our recent acquisitions,
the impact of competitive pricing, the ability to obtain necessary
regulatory approvals and licenses, the impact of developments in the
Russian economic, political and legal environment, financial risk
management and the impact of general business and global economic
conditions.
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