Repayment of US$420 m Pre Export Finance Facility

RNS Number : 8240F

Ferrexpo PLC

01 August 2016

 

FERREXPO plc

("Ferrexpo" or the "Group")

Repayment of US$420 million Pre Export Finance Facility

Ferrexpo is pleased to announce that on 29 July 2016 the Group made the final scheduled repayment of its US$420 million pre-export finance facility that has been amortising in equal instalments over the past 24 months. 

As previously announced, the syndicate that agreed the facility in 2011 included ING Bank N.V., UniCredit Bank Austria AG, Société Générale, ABN Amro Bank N.V., Netherlands,Citibank N.A., U.K.,Credit Suisse AG, Switzerland, ICBC London plc, U.K, West LB AG, Germany, JP Morgan Chase Bank, N.A., London Branch. The facility carried a cost of 225bps above US LIBOR.

Ferrexpo remained in full compliance with all covenants during the tenor of the loan.

Chris Mawe, Ferrexpo's Chief Financial Officer, said, "Strong cash flow generation from operations due to record production of the Group's premium product as well as record sales volumes and lower costs have enabled the Group to repay its debt on time and in full.

"Ferrexpo remains committed to meet all of its debt repayment obligations and to continue to strengthen its balance sheet."

For further information contact:

Ferrexpo:
Ingrid McMahon	[phone]
Maitland:
James Isola	[phone]

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and transport and sales operations throughout the world. It has been mining and processing high quality iron ore pellets for the global steel industry for over 35 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. The Group is currently the 3rd largest supplier of pellets to the global steel industry and the largest producer and exporter of pellets from the Former Soviet Union. In 2015, it produced 11.7 million tonnes of pellets, a 6% increase compared to 2014 and a record for the Company. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, China as well as other European and Asian countries.  Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO. For information, please visit www.ferrexpo.com

 

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