October 9, 2018 / 7:52 AM / a year ago

Russia's UMMC mining firm draws first 100 mln euro syndicated loan

YEKATERINBURG, Russia, Oct 9 (Reuters) - Russia’s Urals Mining and Metals Co said on Tuesday it had drawn a three-year 100 million euro ($115 million) syndicated loan from a group of banks to refinance loans and increase its working capital.

The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured against future supplies of copper and other export products, and was drawn up in line with English law.

The company said it could increase the amount of the loan if needed.

Raiffeisenbank, both its international and Russian units, along with Societe Generale and its Russian unit, Rosbank, served as arrangers, bookrunners and creditors for the loan.

$1 = 0.8717 euros Reporting by Natalia Shurmina; writing by Tom Balmforth; editing by Jason Neely

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