Metalloinvest announces the first financial deal
with the International Bank for Economic Co-operation
Moscow, Russia - 19 May 2020 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces the opening of a credit line at the International Bank for Economic Co-operation (IBEC).
The new committed credit line in the amount of up to EUR 40 mn has a repayment within 7 years and a grace period of 5 years. The utilisation period under the agreement is 3 years. The interest rate is fixed for the entire loan period. The funds will be used to finance expenditures related to the import of production equipment.
Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:
"We are glad to begin cooperation with IBEC. This is the first deal with a supranational financial institution for the company. It gives access to new financing capacities and creates an additional source of liquidity. Its special feature is a combination of long-term nature and attractive commercial conditions."
Peter Osvald, member of the IBEC Board, commented:
"For the Bank, this deal is attractive not only for commercial reasons. We got a stable company of international level, with ambitious plans and long-term prospects as a client. For IBEC, which is undergoing a renewal process, it is important to attract partners of such a high level."
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For more information, please contact:
Director of Investor Relations and Corporate Ratings
E: [email protected]
T: +7 (495) 981-55-55, ext. 7243
Director of Corporate Communications Department
E: [email protected]
T: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.
Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).
IBEC is a multilateral development bank committed to economic growth and sustainable development of the bank's member countries: Bulgaria, Vietnam, Mongolia, Poland, Russia, Romania, Slovakia and the Czech Republic.