17 June 2016

Russia's SUEK to raise additional $200 mln

Russia's largest thermal coal producer SUEK plans to raise $200 million this month through additional tranches to a $1 billion syndicated loan signed in February, its chief executive told Reuters on Friday.

SUEK raised the initial $1 billion in two tranches with terms of five and seven years, with an option to increase borrowing to $1.3 billion.

"We expect several banks, including a Chinese bank, to sign additional tranches for a total sum of about $200 million very soon," CEO Vladimir Rashevsky said on the sidelines of the St Petersburg International Economic Forum.

He did not name the Chinese bank, but an SUEK spokesman later said that the bank in question is China Construction Bank Corp.

Rashevsky also said that SUEK plans to keep 2016 coal production and export volumes flat year on year. The company produced 97.8 million tonnes of coal last year, exporting 46.9 million tonnes, mainly to Asia and Europe. (Reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by David Goodman).
Source: Reuters
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