EuroChem Group AG (hereinafter EuroChem, Group or Company), one of the world’s leading agrochemical companies, is pleased to announce that its Usolskiy Potash project finance facility won the 2014 European Mining and Metals Deal of the Year award from Infrastructure Journal Global.
One of the very few Russian deals to successfully close in 2014, EuroChem designed its debut project financing as a non-recourse US$ 750 million facility. The Usolskiy Potash project is one of the most advanced greenfield potash projects in the world.
Commenting on the award, Andrey Ilyin, CFO of EuroChem, said: “We are delighted to have raised US$ 750 million in financing for our Usolskiy Potash project in challenging markets and to be recognized for our efforts by the prestigious Infrastructure Journal Global award for the European Mining and Metals Deal of the Year 2014.”
The Mandated Lead Arrangers of the facility were Société Générale S.A., OJSC Rosbank, ING Bank N.V., HSBC Bank PLC, Crédit Agricole CIB, ZAO UniCredit Bank and Sberbank CIB, with Société Générale acting as both facility and security agent.
EuroChem is currently developing phase I of its Usolskiy Potash project with planned annual capacity of 2.3 MMT of KCI. The project is located within Russia’s Verkhnekamskoe deposit, one of the world’s largest potash deposits. The phase II of the project involves the construction of an additional skip shaft, which will bring the site’s total annual capacity to 3.7 MMT.