EuroChem seeks unsecured $1bn at PXF price
Russian mineral fertiliser producer EuroChem is pushing for an unsecured structure on its latest loan but wants to keep the 180bp margin it has paid for pre-export finance (PXF) deals. Loans bankers argue the level is overly ambitious, but the return of French banks to the Russian market together with a dearth of deals means borrowers can get aggressive with their pricing.
EuroChem has sent out a request for pricing on a $1bn five year facility, said bankers familiar with the deal. It gave these banks until July 1 to reply but extended that deadline to allow some banks more time to respond, said a loans banker last week.
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