Tough credit limit lesson for Suek as old lenders turn away

07 Jun 2012

The majority of the mandated lead arrangers from Siberian Coal Energy Co’s (Suek) November 2011 deal have turned down the chance to participate in the firm’s new loan, denying the borrower access to some of the most prolific lenders to Russian deals.

The borrower approached banks in April for a loan of up to $700m.

But its quick return to the market — less than five months after signing a $1.3bn pre-export finance (PXF) facility — has pushed banks’ credit limits to breaking point.

Seven of the MLAs on the ...

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