Ferrexpo secures $230m financing

4th Dec 2009 07:50

Ukraine-focused Iron ore producer Ferrexpo has secured a new pre-export financing of $230m, the first successful financing to be concluded by a metals company with assets in the Commonwealth of Independent States since the global financial crisis began in September 2008, it said.Germany's Deutsche Bank acted as coordinator, mandated lead arranger and bookrunner for the loan and provided funding, together with 10 other financial institutions, including US bank JP Morgan and Switzerland's UBS.Ferrexpo said the loan will be used for financing and other corporate purposes.'Ferrexpo is pleased to have successfully renewed its debt facilities despite extremely challenging debt market conditions,' Ferrexpo chief financial officer Chris Mawe said. 'The company's ability to attract financing from both existing and new lenders is testament to the strength of its relationships with many of the world's leading banks.'