Norilsk Nickel snags bigger and tighter loan

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By Mariam Meskin
25 Feb 2020

Russian nickel and palladium producer Norilsk Nickel has refinanced an existing facility and in the process has increased the size of the deal and shaved the margins. According to bank lenders, the deal is one of many expected to enter the market by Russian borrowers seeking to obtain more attractive terms amid a drought in activity.

The new deal is a five year $3.75bn facility, according to a banker on the deal, though it includes an accordion option that allows the borrower to increase the size of the facility to $4.15bn. The Ba1/BBB-/BBB- rated borrower managed to tighten its margins, according to a banker near the ...

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