Coal producer SUEK raises syndicated 700 mln dollars loan

摘要

Siberian Coal and Energy Company (SUEK) has raised a syndicated Western bank loan of 700 million dollars, Russia's No. 1 coal producer's press office said. Company export earnings will secure the credit (rate LIBOR+325 basis points). The funds will go to refinancing debt and filling out working capital. "The banks' interest in the deal at the initial stage was very high," the company said. Bids were received from twelve banks for an overall 1.2 billion dollars. The general syndication stage will be kicked off soon. At this stage, the size of the credit could be boosted to 900 million dollars, SUEK said.