Siberian Coal Energy Co., Russia’s largest coal producer, said it arranged a $200 million six-year bank loan backed by guarantees from Nippon Export & Investment Insurance.
SUEK, as the coal miner is known, named the loan providers as Sumitomo and Citibank, without giving further details. The loan has an 18 months grace period and carries interest of three-month Libor plus 1.3 percent, it said on its website. The company plans to use the proceeds to refinance funding for developing its coal mines and a seaport terminal near Vanino in far-eastern Russia.
SUEK, controlled by Russian billionaire Andrey Melnichenko, increased first-half coal output by 7 percent from a year earlier to 47.7 million metric tons, it said in a separate statement. Exports reached 18.3 million tons to markets including China, South Korea, the U.K., Japan, Taiwan, Germany and Poland.
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