OREANDA-NEWS. Sberbank CIB has organised a 5-year non-revolving credit line for Uralkali worth 1.5 billion US dollars.

The funds will be used as a reserve for refinancing Uralkali's current liabilities and financing the company's investment expenditures, and can be withdrawn from September 9, 2015 to March 3, 2017. During this availability period there will be a uniform increase of the limit in accordance with the company's cash flow projections and its need for credit resources in 2016-2017. The credit must be completely repaid by September 7, 2020. It is noteworthy that the agreement does not require Uralkali to provide collateral or use the entire credit line.

Anton Vishchanenko, Director of Economics and Finance at Uralkali, commented: "This new unsecured loan shows that Russian financial institutions can provide long-term financing to domestic borrowers despite the unfavourable macroeconomic situation. Uralkali is currently not looking to increase its debt burden, however we are continuing to develop relationships with financial partners to obtain funding on beneficial terms. The funds raised by this deal will help us optimise our credit portfolio by increasing the weighted average maturity and the share of unsecured loans in our portfolio."

Natalia Ermakova, Head of the Industrials Division, Client Management Department, Managing Director at Sberbank CIB, commented: "Sberbank CIB and Uralkali have worked together productively for many years, and we highly value the trust that our companies share. When working with market leaders we are always ready to fully apply our expertise and all our capabilities to provide a comprehensive approach to finding financial solutions. We are certain that this deal will advance our partnership and help Uralkali achieve its goals."