New credit facility for Ferrexpo

2nd Sep 2011 14:49

Ukrainian iron ore pellet producer Ferrexpo has secured a new credit facility of $420m at a rate two and a quarter points above the London interbank offer rate (LIBOR). The credit facility will initiallt remain undrawn but can be drawn at any time during the loan term which has a maturity of five years including amortisation over two years."This new credit facility is testimony to the strength of Ferrexpo's balance sheet and the quality of the business," claimed Ferrexpo's chief financial officer, Chris Mawe. "The size and tenor of the facility complements the group's recent US$500 million uurobond issue and provides the necessary financial flexibility to continue to develop the group's significant project pipeline," he added.