business and economy
Samruk to borrow $400 million
(SRI) - Samruk, the Kazakh national holding company which owns a range of companies including Kazmunaigas, KazPost or Air Astana, is raising a syndicated loan of $400 million.
The company has mandated Barclays Capital, Calyon and HSBC to arrange the loan. It will be used to acquire a 50 percent stake in a Kazakh coal mine owned by Rusal.
In April, Rusal signed an agreement to sell Kazakhstan’s Samruk-Energo, a subsidiary of Samruk, a 50 percent interest in coal production from the Bogatyr and Severny pits at the Ekibastuz hard coal deposit in Pavlodar region for $345 million.
The financing is Samruk’s first direct foray into the syndications’ market and carries a margin of 135 basis points over Libor.
Banks joining the one-year facility have been offered participation fees of 90bp for $40 million ticket, 75bp for a $25 million ticket and 65bp for a $10 million ticket, Trade Finance reports.
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