Norilsk Nickel Closes Credit Facility for Amount of EUR 278,8 mln
OREANDA-NEWS. On November 25, 2008 OJSC “MMC “Norilsk Nickel” (MMC “Norilsk Nickel” or the “Company”) and a group of western financial institutions signed a EUR 278,8 million facility covered by Euler Hermes Kreditversicherung AG (“Facility”) for the purpose of refinancing of its shipbuilding program for the construction of four arctic icebreaking class container vessels by Aker MTW Werft GmbH, Germany. The Facility has a 10 year tenor and will be drawn in US dollars, reported the press-centre of Norilsk Nickel.
The facility was arranged by Bayerische Landesbank, Calyon Deutschland, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and ING Bank N.V., Frankfurt Branch (together, the “Mandated Lead Arrangers” and “Lenders”).
DZ Bank AG Deutsche Zentral-Genossenschaftsbank is acting as Facility Agent. ING Bank N.V., Frankfurt Branch is acting as Documentation Agent and as Export Credit Agency Agent.
Gide Loyrette Nouel acted as the Borrower’s legal counsel.
According to Oleg Lobanov, the Company’s Chief Financial Officer, this transaction is the first but certainly not the last ECA loan in MMC Norilsk Nickel’s borrowings history.
“We are pleased that we were able to successfully close this facility with the right combination of tenor and attractive borrowing costs despite current economic and financial markets environment. The Company will continue considering borrowings under ECA cover to finance its capital investment program. This will help us to diversify our credit portfolio and optimise the debt repayment profile” he noted.
Information on arctic container vessels:
The vessels are based on the new Double-Acting Concept developed by Aker Artic. This concept is based on the idea that the vessel makes its path in heavy ice conditions the stern ahead, which is possible through the use of electrical podded propulsion systems.
The first two diesel electric Arctic vessels named “Monchegorsk” and “Zapolyarny” have been already handed over to the Company in July 2008 and in November 2008 respectively. The remaining two vessels “Talnakh” and “Nadeshda” will be delivered in December 2008 and in January-February 2009. The Company’s own sea fleet will ensure both its economic security and transport costs reduction.
Комментарии