Published by: Jarosław Adamowski
To secure funds Russia’s leading coal miner SUEK Group has signed a $1 billion loan agreement with nineteen foreign and Russian financial institutions. The loan facility is secured against the group’s export revenues, and it has an option to be raised to up to $1.2 billion.
“We at SUEK are very pleased with the results of this syndication and how our achievements, plans, and strategy are perceived by our lending banks,” Nikolay Pilipenko, the chief executive of the Russian coal miner, said in a statement.
The five-year loan agreement is to be used by SUEK Group for refinancing as well as general corporate purposes, according to the statement.
The Russian group says it is the country’s largest coal mining player, with 105.4 million tonnes explored in 2016. SUEK Group supplies its output to customers in 38 countries worldwide, and it is operated by some 33,249 employees.