Russia’s Metalloinvest more than doubles loan syndication to $3.1 bln

MOSCOW, March 24 (RIA Novosti) – Metalloinvest, one of Russia’s largest metals producers, has increased the size of its pre-export syndicated loan facility to $3.1 billion from $1.2 billion, a banking source told RIA Novosti on Thursday.

The company announced in early February it planned to raise funds with a five-year maturity to refinance its $1.6 billion outstanding loan from July 2008, and also for general corporate purposes, including trade financing. Metalloinvest appointed BNP Paribas and Deutsche Bank to arrange the deal.

“The structure of the deal has changed. Now Metalloinvest wants to raise $3 billion in five years and $100 million in seven years,” the source said, adding that the deal was expected to be closed this week but this goal had not yet been achieved.

“Theoretically, the size of the loan may change but most likely it will remain at this level,” he said.

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