Mining company Ferrexpo Ukrainian businessman Konstantin Zhevago has signed an agreement for a new secured revolving line of credit for a period of three years in the amount of $195 million was organized by BNP Paribas, the press service of the company.
The line of credit provided by a syndicate of six international lenders, it will be paid for eight quarters, with final maturity on 31 December 2020 and is intended for General corporate purposes.
“This new loan indicates the strong position of the group’s business and is a continuation of the strategy Ferrexpo to further strengthen financial position in terms of volatility of raw material prices. The loan will significantly reduce the average cost of the group’s financing and extend the maturity of debt obligations,” said Finance Director of Ferrexpo Chris Mo.
Earlier Reuters referring to sources in Bank circles informed that Ferrexpo is going to attract a four-year syndicated loan worth up to $350 million.
Ferrexpo group is the largest producer and exporter of iron ore pellets among the countries of the former USSR. Current production assets – Poltava and Eristovsky GOK. The largest shareholder of Ferrexpo is a businessman and people’s Deputy of Ukraine Konstantin Zhevago. The company is registered in the UK.