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CMS has advised PJSC Uralkali on its new $1.2bn pre-export finance facility arranged by, among others, ING BANK N.V., NATIXIS, AO UNICREDIT BANK, SBERBANK EUROPE AG, SOCIÉTÉ GÉNÉRALE AND PUBLIC JOINT-STOCK COMPANY ROSBANK. It is the largest syndicated loan in the company’s history.
PSJC Uralkali is one of the world’s largest producers and exporters of potash. The company’s 11,000 or so personnel operate five mines and seven ore-treatment mills in Perm Region, Russia. The new financing will be used for general corporate purposes, including refinancing of existing debt.
CMS’ joint Moscow and London team was led by dual-qualified counsel Elena Tchoubykina. The lenders were represented by the Moscow and London offices of Hogan Lovells. Elena commented: “It is very reassuring to see a deal of this size, and with such an impressive lender syndicate of 16 banks, close in fairly turbulent times for the Russian economy.”
Other CMS team members included London-based banking and finance partner Patrick Donegan and Moscow-based associate Nikolay Kosminskiy.