Kazakh Kazakhmys signes $1 billion pre-export finance debt facility

Business Materials 21 December 2012 13:18 (UTC +04:00)
Kazakh Kazakhmys company has signed a $1 billion pre-export finance debt facility

Azerbaijan, Baku, Dec. 21 / Trend E. Kosolapova/

Kazakh Kazakhmys company has signed a $1 billion pre-export finance debt facility, the company reported on Friday.

"The five year facility will provide additional liquidity during the development of the major copper projects at Bozshakol and Aktogay and is to be used for general corporate purposes," the company said.

The new facility replaces the existing $2.1 billion facility which is due to mature in February 2013.

The Lenders in the transaction are Bank of China, Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank AG, ICBC (London and Almaty), ING Bank, Natixis, Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit as the Mandated Lead Arrangers and Bank of America Merrill Lynch, Citibank, Crédit Agricole CIB, JP Morgan and The Royal Bank of Scotland as Arrangers. The agent is Deutsche Bank AG and the security trustee is ING Bank.

The facility has a one year availability period and principal repayments will then amortise over a three year period commencing from January 2015 until final maturity in December 2017. The interest rate is at US$ LIBOR plus a margin of 2.80 percent.

Kazakhmys is a leading international natural resources group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with seventeen operating mines, ten concentrators and two copper smelters.