EuroChem Usolskiy project finance facility named best chemicals deal of 2014
Zug, Switzerland, 18 May 2015 – EuroChem Group AG (“EuroChem” or the “Group” or the “Company”), a leading global agrochemical company, is pleased to announce that its Usolskiy Potash project finance facility has been recognised as the best chemicals deal in Central and Eastern Europe in 2014 by EMEA Finance.
The EMEA Finance annual Project Finance Awards, which commend the year’s most innovative efforts, highlighted the Usolskiy Potash loan facility as one of only a few project finance deals to close in Russia last year.
EuroChem designed its debut project financing as a non-recourse USD 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 be recognised for our efforts by the prestigious Project Finance Awards. Our debut project finance facility secured long-term funding for one of our landmark projects, while its non-recourse nature released operating cash flows for other strategic investments.”
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. 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.
The Mandated Lead Arrangers of the facility included Crédit Agricole CIB, HSBC Bank PLC, ING Bank N.V., OJSC Rosbank, Sberbank CIB, Société Générale S.A. and ZAO UniCredit Bank, with Société Générale acting as both facility and security agent. HSBC Bank PLC and ING Bank N.V. acted as facility Coordinating Banks.
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