New Credit Facility

RNS Number : 5118N

Ferrexpo PLC

02 September 2011

 



2 September 2011

Ferrexpo plc

("Ferrexpo", the "Group" or the "Company")

New Credit Facility

Ferrexpo is pleased to announce that it has secured a new credit facility of US$420 million ("the credit facility"). The credit facility can be drawn at any time during the loan term which has a maturity of 5 years including amortization over 2 years.

The new credit facility carries a cost of 225bps above LIBOR on drawn amounts, and will initially remain undrawn.

ING Bank N.V., UniCredit Bank AG, and Société Générale Corporate and Investment Banking acted as Co-ordinating Mandated Lead Arrangers alongside 7 other prominent financial institutions:

·     UniCredit Bank Austria AG

·     West LB AG

·     ICBC London plc

·     ABN Amro Bank N.V.

·     Credit Suisse AG

·     J.P. Morgan Limited

·     Citibank N.A.

The Co-ordinating Mandated Lead Arrangers together with West LB and ICBC acted as book runners.  UniCredit Bank AG acted as Documentation Co-ordinator, ING the Facility Agent, and ICBC as Credit Support Account Agent.

Chris Mawe, Chief Financial Officer of Ferrexpo said:

"This new credit facility is testimony to the strength of Ferrexpo's balance sheet and the quality of the business. The size and tenor of the facility complements the Group's recent US$500 million Eurobond issue and provides the necessary financial flexibility to continue to develop the Group's significant project pipeline." 

For further information, please contact:

Ferrexpo:
Ingrid McMahon	[phone]
Pelham Bell Pottinger
Charles Vivian	[phone]
James Macfarlane	[phone]

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It is principally involved in the production and export of high quality iron ore pellets, which are used in the manufacture of steel. Ferrexpo's resource base is one of the largest iron ore deposits in the world. Its current producing asset, FPM, produced approximately 10 million tonnes of iron ore pellets in 2010 making it the largest exporter of pellets in the CIS. The Company has a diversified customer base supplying steel mills in Austria, Serbia, Slovakia, Czech Republic, Germany and other European states, as well as in China, India, Japan, and other Asian countries. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com 

 

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