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Hogan Lovells acts on milestone Russian financing deal

11 May 2016

Hogan Lovells has advised a syndicate of banks, as lenders' counsel on an US$1.2 billion pre-export facility to Russia's PJSC Uralkali, the world's largest potash producer.

Being the largest Russian syndicated loan transaction by value to have taken place in 2016, the facility was signed on 29 April 2016 and is a PXF facility secured on export contracts for the supply of potash. It is also the largest syndicated financing deal by value for the Uralkali Group.

A cross-border Hogan Lovells team in London, Moscow and Amsterdam worked with ING Bank as coordinator and documentation agent, as well as facility agent and security trustee.  The CMLAs were ING Bank N.V., Natixis, Sberbank Europe AG, Société Générale, PJSC Rosbank and AO UniCredit Bank. The syndicate was made up of 16 banks from around the world. ING Bank N.V. was coordinating the documentation process of behalf of the lenders.

The Hogan Lovells' team was led by trade finance partner Andrew Taylor in London, supported by senior associate Alexander Gasparyan. Partner Alexander Rymko and associate Artyom Vazhenin in Moscow advised on Russian law matters, and partner Wouter Jongen and associate Art van der Pols in Amsterdam on Dutch law. Specialist Counsel Andrejs Lielkalns and senior associate Elina Locmele at the law firm Cobalt provided the Latvian legal input.

Andrew Taylor, partner in Hogan Lovells' trade finance team, said: "As a result of the challenging market conditions for Russian borrowers in the international syndicated loans market and unstable commodity markets, we are particularly delighted to have completed this high profile transaction which sets a new record for the Russian financing market, as currently the largest syndicated financing deal by value in 2016."

CMS advised PJSC Uralkali.


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