Global law firm White & Case LLP has advised Elga Coal LLC, Russia's largest producer of high-quality coking coal, on a US$1.66 billion (RUR 123 billion) syndicated financing from a pool of lenders led by Gazprombank (JSC).
"This deal is unique in its structure as the raised funds will be used to refinance the company's current debt and will enable it to move most of its short-maturity debt into long term debt," said White & Case partner Nikolay Feoktistov, who co-led the Firm's deal team. "The transaction, with one of the largest mining companies in Russia, is another example of our innovative approach and breadth of expertise in the sector."
The syndicate of banks comprised, amongst others, Bank ZENIT and Gazprombank, with the latter also acting as an arranger, facility agent, pledge manager and account bank. The collateral includes, inter alia, receivables under export contracts, as well as a mortgage of the railroad from the Elga coal deposit to Baikal-Amur Mainline.
The White & Case team in Moscow which advised on the transaction was co-led by partners Nikolay Feoktsitov, Natalia Nikitina and local partner Ekaterina Logvinova, and included counsel Pavel Boulatov and Daria Plotnikova and associate Azamat Gaisenov.
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