Steel group NLMK Sales Europe (NSE) has signed a €130 million ($147.4 million*) four-year borrowing base revolving credit. Proceeds will be used for general corporate funding and working capital. The financing will be used to fund the acquisition of raw material and semi-finished products, and to finance their transformation in finished products, including all general costs (such as insurance, wages, utilities and transport), NLMK told Trade Finance. The loan came in oversubscribed following strong interest from NSE's core relationship banks. NLMK did not put the pricing up, despite the oversubscription, in order to align with the guarantee offered by its minority shareholder Sogepa.
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