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Eurochem – pre-export financing
23 March 2009
Branching out into new sectors
Read more:
Eurochem
fertiliser
pre-export
PXF
Russia
Allen & Overy
The $1.5 billion pre-export financing facility arranged in 2008 for Russian fertiliser producer Eurochem is a landmark transaction for the Russian fertiliser sector as it is the largest syndicated deal ever signed in this strategic industry for Russia, and the company's first foray into the syndicated market.
The transaction was successfully completed and fully subscribed in record time despite adverse market conditions – banks were mandated in the beginning of August 2008 and general syndication was launched in September 2008, right in the midst of market turmoil. Despite this, the syndication went successfully, and closed in November, oversubscribed. With a structure tailor-made to take into account Eurochem's commercial organisation and provide the necessary security for the lenders, the deal is a worthy winner as one of the Deals of the Year....
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