CMS has advised PJSC Uralkali on its new USD 1.2 billion pre-export finance facility arranged by, among others, ING Bank N.V., Natixis, AO Unicredit Bank, Sberbank Europe AG, Societe Generale, and Public Joint-Stock Company Rosbank. The lenders were represented by Moscow and London offices of Hogan Lovells. The syndicated loan is the largest in Uralkali history.
PSJC Uralkali is one of the world largest producers and exporters of potash. The company’s 11,000 or so personnel operates 5 mines and 7 ore-treatment mills in the Perm Region of Russia. The new financing will be used for general corporate purposes, including refinancing of existing debt.
CMS's joint Moscow and London team was led by Counsel Elena Tchoubykina, who commented: “It is very reassuring to see the deal of this size and with such impressive lender syndicate of 16 banks close in fairly turbulent times for Russian economy.”
Other CMS team members included London-based Partner Patrick Donegan and Moscow-based Associate Nikolay Kosminskiy.
Hogan Lovells also advised the lenders on a USD 450 million unsecured club loan facility to Uralkali in 2014 (as reported by CEE Legal Matters on July 1, 2014), and Debevoise & Plimpton advised Uralkali on another pre-export finance facility with a syndicate of eight international banks last year (as reported by CEE Legal Matters on May 4, 2015).
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