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Udokan development financing recognized as the best deal on the syndication market in Russia - EastRussia | Far East

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Udokan development financing recognized as the best deal in the syndication market in Russia

Udokan development financing recognized as the best deal in the syndication market in Russia
BGK was awarded the Loans Cbonds Awards - 2019 in the nomination "The Best Transaction in the Russian Syndication Market" for financing the development of Udokan.

The presentation took place on October 3 as part of the X Cbonds Conference “Syndicated Lending in Russia and the CIS”. VEB.RF, Sberbank and Gazprombank also received awards.

The syndicated loan agreement for the development of the Udokan copper deposit has become the largest project in Russia, implemented on the principles of the Project Finance Factory.

The total project budget is about 2,9 billion US dollars, of which up to 1,79 billion US dollars is attracted in the form of a loan from a syndicate of banks for up to 12 years. Moreover, shareholders ’own investments in the project have already exceeded 870 million US dollars: for the acquisition of a license, research, design and advanced construction work.

Gazprombank acted as the organizer of financing and the financial consultant for the transaction, which is also one of the lenders, providing up to 650 million US dollars, and it is also planned to attract foreign foreign financing. Other participants in the syndicate were Sberbank (up to 650 million US dollars) and VEB.RF (up to 490 million US dollars). At the same time, VEB assumed the role of a credit manager in the syndicate.

BGK LLC, a member of the USM multidisciplinary group of companies (founder - Alisher Usmanov), is the operator of the Udokan copper deposit development project. The current plan for the development of Udokan involves the construction of an industrial complex at the deposit, focused on the production of cathode copper and sulfide concentrate.