Lenders dig deep for miner Metalloinvest
Deal-hungry lenders submitted commitments larger than the top $150m ticket on offer in an oversubscribed $1.2bn five year loan for Russian steel and mining company Metalloinvest led by BNP Paribas and Deutsche Bank. Generous pricing, which bankers put at 300bp, the promise of plenty of ancillary business and a dearth of large deals from Russia grabbed the attention of lenders.
Books have not yet closed on the loan and the borrower may yet take an increase. The facility will be used for general corporate purposes and to refinance debt, including a $1.6bn term loan signed in July 2008.
Metalloinvest is the largest iron ore producer in Russia and
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