Eurasian Natural Resources Corp. Plc (ENRC), a producer of ferro alloys and iron ore in Kazakhstan, may get a $700 million debt facility next month, according to two people with knowledge of the deal.
The London-listed miner plans a financing comprising three- and five-year portions, said the people, who asked not to be identified because the deal is private. Arrangers of the deal may include Deutsche Bank AG, Gazprombank OJSC, ING Groep NV, Raiffeisen Bank International AG, OAO Sberbank and UniCredit SpA, they said.
ENRC is at an “advanced stage of negotiation” with lenders for the deal, according to a March 20 statement.
A spokesman for ENRC, who asked not to be identified citing company policy, declined to comment on the deal.
The company reported an $804 million loss for 2012 after writing down the value of assets by $1.5 billion, it reported in the statement. Net debt rose to $5.1 billion at the end of last year from $972 million at the end of 2011, after raising $3 billion of loans to fund capital expenditure and acquisitions, it said.
ENRC raised a $500 million revolving credit line last month, which was coordinated by Bank of Tokyo-Mitsubishi UFJ Ltd., according to data compiled by Bloomberg. Under a revolver, money repaid can be borrowed again.
To contact the reporter on this story: Stephen Morris in London at firstname.lastname@example.org
To contact the editor responsible for this story: Faris Khan at email@example.com