Clifford Chance

Clifford Chance advises the syndicate of banks on the US$4,150 million credit facility for Norilsk Nickel

Clifford Chance has advised a group of international banks on the amendment to the credit facility agreement for PJSC MMC Norilsk Nickel ("Nornickel"), which increased the funding limit from US$2,500 million to US$4,150 million.

Nornickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade metal nickel and a major producer of platinum and copper. The funds will be used by Nornickel to refinance the company’s current debt, as well as to finance capital expenditure and for general corporate purposes.

The syndicated loan facility was signed by a number of American, European and Asian banks, including Agricultural Bank of China, China Construction Bank, Citibank, Commerzbank, Crédit Agricole, Credit Suisse, Všeobecná úverová banka, Deutsche Bank, ING Bank, J.P.Morgan, Mizuho bank, MUFG Bank, Natixis, Raiffeisenbank, Société Générale, Sumitomo Mitsui Banking and UniCredit Bank acted as Mandated Lead Arrangers. ING Bank is the Coordinator and Documentation Agent, UniCredit Bank AG, London Branch is the Facility Agent.

The Clifford Chance team advising on the matter included banking & finance partner Vladimir Barbolin, counsel Igor Bichenkov and associate Anna Kuznetsova.