9th Aug 2018 08:51
LONDON (Alliance News) - Commodity trading and mining firm Ferrexpo PLC said Thursday it has more than doubled a credit facility it holds with nine international lenders.
Ferrexpo increased its 2017 pre-export finance credit facility to USD400 million from USD195 million the year prior. It also extended the tenor from three to four years.
The credit facility - arranged by BNP Paribas and Deutsche Bank - includes seven other international banks in additional to the two arrangers. The facility comes with a cost of 450 basis points above the US London inter-bank offered rate.
"The extension of this facility smooths and extends the group's debt maturity profile and is in line with Ferrexpo's strategy to have a principal revolving, low cost, long term debt facility that amortises on a quarterly basis," Ferrexpo Chief Financial Officer Chris Mawe said.
Shares in Ferrexpo were 1.2% higher at 171.90 pence on Thursday.
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