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NLMK – pre-export financing
23 March 2009
Success for NLMK debut loan
Read more:
pre-export
PXF
NLMK
Novolipetsk
steel
Russia
This was an extremely successful debut loan transaction that hit the Russia/CIS market in 2008 – this time for Novolipetsk Steel (NLMK); the world's most profitable steel company. Brought to the market in July by coordinating mandated lead arrangers (CMLAs), bookrunners and hedge providers BNP Paribas (BNPP) and Société Générale (SG) the deal eventually raised $1.6 billion through a five-year pre-export finance structure. Other banks that joined as MLAs were BTMU, Fortis, Deutsche Bank, RBS/ABN AMRO, SMBC and Unicredit/HVB.
The $1.6 billion raised was one of the largest amounts in syndication last year, and came possibly just before the market really turned. Grinding some deals out certainly marks determination among...
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