MOSCOW and LONDON, December 16, 2016: Morgan Lewis represented ING Bank and Citibank on a $800m preexport finance facility for the major global agrochemical holding EuroChem Group AG.
ING Bank was the coordinator and documentation agent for the deal which involved a syndicate of leading international banks. Citibank acted as facility agent and security trustee.
The five-year facility for EuroChem Group comes with a two-year grace period. The purpose of the facility is to refinance part of the company’s debt, including the full repayment of a pre-export facility signed in August 2015. The facility is guaranteed, inter alia, by the group’s trading entity located in Florida.
Commenting on the deal, Morgan Lewis partner Grigory Marinichev said: “We are delighted to have advised the banks on this transaction. This year we have already seen a number of Russian corporates accessing the syndicated bank lending market and the facility for EuroChem demonstrates that the market is there for solid corporates.”
The Morgan Lewis team was led by Mr. Marinichev and partners Amanda Jennings and Ethan Johnson. Associates Kristina Markova and Joy Harrison provided support. Partner Bruce Johnston led Morgan Lewis team advising Citibank as facility agent and security trustee.
Mandated lead arrangers of the facility were (in alphabetical order): Bank of China; AO Citibank (Citi); Commerzbank, Credit Agricole Corporate and Investment Bank; Industrial and Commercial Bank of China Limited; Luxembourg branch; ING Bank, a branch of ING-DIBA AG; Mizuho Bank, ltd; Natixis; Nordea bank AB (publ); AO Raiffeisenbank; Societe Generale Corporate & Investment Bank and Rosbank; UniCredit Bank Austria AG; Citibank Europe PLC, UK Branch acted as Facility Agent and Citibank N.A., London Branch as Security Agent. ING Bank N.V. acted as sole Coordinator and Documentation Agent. Dentons advised the company on the deal.