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Deal Analysis: EuroChem’s debut ECA deal
19 May 2010
Dickon Harris analyses Russian fertiliser EuroChem’s debut export credit agency financing.
Read more:
Eurochem
Barclays Capital ECA
ECIC
Absa Capital
Clifford Chance
Edward Nathan Sonnenbergs
fertiliser
EuroChem ECA financing
Borrower: EuroChem
Coordinating MLAs: Absa Capital, Barclays Capital
Amount: $261 million
Tenor: 10 years
Margin: 250bp over Libor
Export Credit Agency: ECIC
Lawyers: Clifford Chance, Edward Nathan Sonnenbergs
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Russia’s largest manufacturer of mineral fertiliser EuroChem’s debut export credit agency (ECA) financing is a landmark transaction for both the company, and for ECIC, the South African ECA that backed the deal.
Arguably the most impressive deal ECIC has done to date, the transaction contains a number of firsts for the ECA that could open the door for future financings in overseas markets.
ECIC agreed to offer a 100% cover on the $261 million deal which will fund the construction of a cage shaft at the firm’s Gremyachinskoe potash deposit. The ten-year loan is the first...
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