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Chinese banks join pre-export syndicate syndicate for SUEK - EastRussia | Far East

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Syndicate of pre-export sync loan for SUEK is joined by Chinese banks

A number of Chinese banks will join the syndicate of the pre-export syndicated loan for SUEK, said Vladimir Rashevsky, president of Siberian Coal Energy Company

Syndicate of pre-export sync loan for SUEK is joined by Chinese banks
Special project Coal of the East of Russia
In mid-February, SUEK completed a syndicated loan with 5 and 7 tranches worth 1 billion dollars with the option to increase to 1,3 billion dollars. The transaction was coordinated by ING Bank NV and Unicredit Bank Austria AG, authorized by the leading organizers of the transaction - ING Bank NV, Unicredit Bank Austria, Alfa Bank, Commerzbank, Rabobank London, Sberbank of Russia, Societe Generale, Intesa Sanpaolo Bank and Nordea Bank.

As V.Rashevsky told reporters, for the five-year tranche, the rate is LIBOR + 3,7%, for a seven-year - LIBOR + 4,2%, Interfax notes.

According to V.Rashevsky, the company will use the option of extending the syndicate to 1,3 billion dollars. "The loan is of such a framework nature. We have now closed the bulk, just do not need more money, and even these will be selected over time. But there are several banks that want to participate in this syndicate, including Chinese banks, "- said the head of the largest Russian producer and exporter of coal.

"We focused on attracting including Asian financing, but for them Russia is a new country, the procedures take a little longer, we did not want everyone to wait 2 - 3 Chinese banks, so we have made a structure that allows us to close the bulk of the deal, and as they go through the reconciliation process, they will simply be able to join this deal. I think that during 2 - 3 months this should happen, ”he added.

In late January, SUEK registered a bond program worth 40 billion rubles. According to V.Rashevsky, attracting a pre-export loan does not preclude the placement of ruble bonds.

“This is a financing program that allows you to place the appropriate tranche as necessary. That is, the company will need to attract 5 billion rubles, it will place the appropriate tranche, it will need more, will place more. It does not limit us in time. We periodically enter the market with certain transactions. This year we had to refinance certain amounts that are required for repayment under the financial plan of this year, we made a deal of pre-export financing. And in general, this is our main need for this year closes, "- said the head of SUEK.