Magnitogorsk Iron and Steel Works (“MMK”), one of leading global steel producers, has successfully obtained a US$ 500 mln unsecured term loan facility (“Facility”) from a club of 5 banks.
ING Bank N.V., Nordea Bank , ZAO Raiffeisenbank and RBI AG (together RBI Group), Sberbank CIB and UniCredit acted jointly with UniCredit also undertaking the role of Sole Coordinator and Facility Agent.
The Facility is structured as a 4-year unsecured term loan facility, including 18-month grace period. Proceeds will be used for the refinancing of short-term elements of MMK’s credit portfolio and other general corporate purposes.
MMK (external ratings: Fitch – BB+, Moody’s – Ba3) is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2012 the company produced 13 million tonnes of crude steel and 11.9 million tonnes of commercial steel products. MMK Group had sales in 2012 of USD 9,328 million and EBITDA of USD 1,356 million.
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