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Metalloinvest Announces ECA Backed Financing Deal

Steel News - Published on Fri, 18 Oct 2019

Image Source: steelguru.com
Leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, Metalloinvest announces the signing of an agreement with MUFG for ECA backed financing in the amount of EUR 9.9 million.The loan will be used for the technical re-equipping of CCM-3 at OEMK, with the equipment supplied by INTECO melting and casting technologies GmbH. Insurance cover will be provided by Oesterreichische Kontrollbank AG, the Austrian export credit agency. The loan provided under the agreement with MUFG will be repaid in equal semi-annual payments over the course of 10 years.

Mr Alexey Voronov, Finance Director of Management Company Metalloinvest, commented that “We regularly use ECA backed financing for the purchase of foreign equipment under the guarantees of export agencies. Today, we have signed an agreement with MUFG, which has become our first ECA backed financing deal under the new framework agreement signed with twelve international banks in August 2019. This structure allows us to optimise the documentation process and improve the transaction parameters.”

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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