Redcliffe Partners has acted as Ukrainian legal counsel to Ferrexpo plc., a leading European producer of iron ore pellets, in connection with a USD 400 million four-year committed revolving pre-export finance facility from a syndicate of nine foreign banks and financial institutions, with BNP Paribas S.A. and Deutsche Bank AG acting as mandated lead arrangers. Milbank, Tweed, Hadley & McCloy was lead counsel to Ferrexpo, while the lenders were advised by Dentons.
Ferrexpo is a Swiss-based iron ore pellet producer with mines in Ukraine and sales operations around the world. It is the third largest exporter of pellets to the global steel industry, and its asset base is the largest iron ore deposit in Europe with approximately 20 billion tonnes of resources.
According to Redcliffe Partners, the 2018 pre-export finance facility combines the extension of debt maturity profile for existing money under the 2017 pre-export finance facility and the raising of new money, which permitted an increase in the total facility amount to USD 400 million. According to Redcliffe Partners, the facility also includes an accordion increase feature, which permits for an increase to USD 500 million.
The Dentons team was led by London Partner Evgenia Laurson and Kyiv Partner Natalia Selyakova and included Kyiv-based Counsel Nadiya Shylienkova, Moscow-based Counsel Dennis Montgomery, Moscow-based Associate Olga Sokolova, Kyiv-based Associate Artem Lukyanov, and Dubai-based Partner Udayan Mukherjee.
Editor's Note: This article has been updated to include Dentons involvement and clarify Milbank's role in the matter.