-Citibank, Sumitomo arrange USD200m loan to Russia's SUEK.
BANKING AND CREDIT NEWS-July 16, 2012--Citibank, Sumitomo arrange USD200m loan to Russia's SUEK(C)2012 M2 COMMUNICATIONS http://www.m2.com
16 July 2012 - Citibank and Sumitomo (TYO:8316) have acted as arrangers for a USD200m (EUR163m) loan to Russia's Siberian Coal Energy Company (SUEK), the coal miner and power producer said on Monday.
The long-term financing is guaranteed by Japan's Nippon Export and Investment Insurance (NEXI). SUEK is the first Russian company to have its borrowings covered by the export credit agency.
The six-year credit facility has an 18-month grace period. The loan bears an interest of three-month Libor plus 1.30%.
SUEK will use the financing to back the development of a bulker terminal at the Vanino port in the Khabarovsk region and expand the production capacity of its Tugnui surface mine and Tugnui coal plant in Buryatia.
Moscow-based SUEK specialises in the production and supply of thermal coal across Russia and is also involved in the exploration and extraction of coking coal. Its coal output rose by 3% in annual terms to 92.2m tonnes in 2011. Last October, the company took out a USD1.3bn syndicated loan from a group of foreign banks. The transaction was arranged by ING Bank NV and UniCredit Bank AG.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 16, 2012|
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