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Ferrexpo doubles credit facility to US$400M

Ukraine-focused iron ore pellets-maker Ferrexpo PLC said Aug. 9 that it increased its 2017 pre-export finance credit facility to US$400 million from US$195 million and extended the tenor to four years from three.

BNP Paribas and Deutsche Bank arranged the facility, which includes seven other international lenders. The cost of the facility remains 450 basis points above U.S. Libor.

CFO Chris Mawe said in a statement, "The extension of this facility smooths and extends the group's debt maturity profile and is in line with Ferrexpo's strategy to have a principal revolving, low cost, long term debt facility that amortizes on a quarterly basis."