Support The Moscow Times!

Norilsk Picks Lenders

Norilsk Nickel has chosen 13 lenders to provide a $2 billion loan which would be used to help fund the company's dividend payments, banking sources close to the deal said.

The group of international banks comprises Bank of America Merrill Lynch, BNP Paribas, Bank of Tokyo Mitsubishi UFJ, Barclays, Commerzbank, Credit Agricole, Deutsche Bank, ING, Morgan Stanley, Nordea, SMBC, Societe Generale and Unicredit.

The unsecured five-year loan for the world's largest nickel and palladium miner is priced at 175 basis points over LIBOR and is unlikely to be sold down to additional banks, the sources said.

The deal is expected to be signed within six weeks, they added.

Norilsk Nickel declined to comment.

(Reuters)


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.