Hogan Lovells Advises on First International Syndicated Loan Facility in Russia This Year
24 April 2015
24 April 2015 - Hogan Lovells has acted as lenders' counsel on an US$530 million pre-export facility to Uralkali – one of the world's largest potash producers. This large, pre-export loan financing is the first international syndicated loan facility made available to a Russian company in 2015.
The facility was signed on 20 April 2015 for US$530 million and is a PXF facility secured on export contracts for the supply of potash.
A cross-border Hogan Lovells team worked with Natixis as coordinator and documentation agent and ING Bank as facility agent and security trustee. The other banks in the syndicate were Société Générale, Nordea Bank, ROSBANK, Commerzbank, IKB, Industrial Commercial Bank of China and China Construction Bank.
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.
Andrew Taylor, partner Hogan Lovells' trade finance team, said:
"Completion of this deal was particularly satisfying given the challenging market conditions for Russian borrowers in the international syndicated loans market. We are delighted to have been involved in such a high profile transaction."
The completion of this high profile deal builds on recent successes for Hogan Lovells trade finance team; with three of the practice's completed deals from the last year receiving "deal of the year" awards from both Global Trade Finance Review and the Trade & Forfaiting Review.
Partner Darrell Pierce of Dykema Gossett acted as the US counsel and Dunja Koch, partner at Froriep, acted as the Swiss counsel to the lenders. Debevoise & Plimpton advised the borrower.