Nyrstar scales back debut borrowing base

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24 March 2010

Zinc producer Nyrstar has scaled back commitments on its debut borrowing base facility.

Banks have seen their commitments scaled back for a debut borrowing base facility for the world’s largest zinc producer, Nyrstar.

Deutsche Bank is the mandated lead arranger on the loan and had fully underwritten the multicurrency loan which originally launched at Eu300 million. The deal has a maturity of four years with a run-off period during the fourth year (Trade Finance 23/02/10).

The syndication process was more than twice over-subscribed. Nyrstar eventually scaled back allocations to Eu400 million.The participating banks in the facility are BNP Paribas Fortis, Deutsche Bank, Fortis Bank Nederland,...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%