MMK Atakas Closed Financing for Integrated Flat Steel Making Complex
OREANDA-NEWS. November 23, 2009. MMK ATAKAS METALURJI SANAYI, TICARET VE LIMAN ISLETMECILIGI A.S (MMK Atakas), a Turkish project company, closed the long term financing for the construction of its integrated flat steel making complex and related infrastructure facilities in Turkey (the “Project”).
Designed annual capacity of the Project is
The financing package comprises:
a EUR 384 million SACE backed export credit facility, arranged by BNP Paribas, SACE and The Royal Bank of Scotland and insured by SACE to finance the main supply contract with Danieli & C. Officine Meccaniche SpA (Italy) along with associated financing costs;
a USD 450 million commercial facility arranged by Turkiye Garanti Bankas? A.S. (62 %) and Turkiye Is Bankas? A.S. (38 %), together with a USD 60 million working capital facility arranged by Turkiye Garanti Bankas? A.S. (50 %) and Turkiye Is Bankas? A.S. (50 %), for the financing of other capital expenditures and Project costs.
The Project has been progressing according to the construction schedule in spite of the recent global downturn in steel industry and difficulties in raising financial resources in the financial markets. Notwithstanding many steel projects were delayed or cancelled, the Sponsors of the Project - OJSC MMK (
Clifford Chance Europe LLP and
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