Metalloinvest announces first ECA backed financing deal
under the existing framework agreement
Moscow, Russia - 16 October 2019 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces the signing of an agreement with MUFG for ECA backed financing in the amount of EUR 9.9 mn.
The loan will be used for the technical re-equipping of CCM[1]-3 at OEMK, with the equipment supplied by INTECO melting and casting technologies GmbH. Insurance cover will be provided by Oesterreichische Kontrollbank AG, the Austrian export credit agency. The loan provided under the agreement with MUFG will be repaid in equal semi-annual payments over the course of 10 years.
Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:
"We regularly use ECA backed financing for the purchase of foreign equipment under the guarantees of export agencies. Today, we have signed an agreement with MUFG, which has become our first ECA backed financing deal under the new framework agreement signed with twelve international banks in August 2019. This structure allows us to optimise the documentation process and improve the transaction parameters."
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For more information, please contact:
Artem Lavrischev
Director of Investor Relations and Corporate Ratings
E: ir@metalloinvest.com
T: +7 (495) 981-55-55, ext. 7243
Anton Troshin
Corporate Communications Department
E: pr@metalloinvest.com
T: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.
Metalloinvest is wholly owned by USM Holdings. The main beneficiaries of USM Holdings are Alisher Usmanov (49%) and Vladimir Skoch (30%).
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