13:38, 28 August 2019

Metalloinvest Signs a Framework Agreement for ECA Backed Financing

Leading iron ore, HBI & steel producer Metalloinvest, a Metal-Expo regular exhibitor announced the signing of a framework agreement with 12 banks for executing deals under ECA backed financing. The signed framework agreement has been designed to optimise the financing process related to the Company’s annual investment programmes, which include an acquisition of imported equipment, and defines general terms and conditions, a covenant package, a format of individual agreements for financing specific projects as well as a range of other aspects attributable to such kind of loans. The structure of the framework agreement provides the opportunity to introduce additional banking partners. MUFG acted as documentation agent for the deal.

Alexey Voronov, Finance Director of Management Company Metalloinvest, said “As part of the financing for the Company’s investment activities, we regularly raise funds for the purchase of foreign equipment under the guarantees of export agencies, which allow us to obtain long-term financing under favourable interest rates. The framework agreement with 12 international banking partners enables us to significantly reduce the duration of documentation preparation, simplify the implementation of finance projects, and optimise financial expenses and the conditions for specific deals.”

ECA backed financing is a credit obtained under a guarantee of export credit agencies as part of a signed contract for the supply of an equipment as part of an investment project. The guarantee facilitates the obtaining of monetary funds over the long-term under more competitive percentage rates.

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