Metinvest B.V. (the Netherlands), the parent's company of international vertically integrated mining and metal company Metinvest, has announced that it has completed the final drawdown under a EUR 25 million 10-year buyer credit facility covered by Euler Hermes Deutschland AG, the German export credit insurance agency (the ECA), the company said in a press release on Tuesday.

The company said that Deutsche Bank acted as the sole arranger and sole lender of the Euler Hermes-covered loan.

The facility bears an interest margin of 1.95% per annum.

The funds will be used to finance the construction of a pulverized coal injection (PCI) unit by Küttner GmbH & Co. KG, a German industrial manufacturer, at one of Metinvest’s steelmaking facilities - Yenakiyeve Iron and Steel Works.

"We fully appreciate the lender’s confidence in Metinvest as a strong market player in parallel with the Group restructuring discussions," CFO Oleksiy Kutepov said.

Earlier the press service of Metinvest said that this facility is the first ECA-covered loan secured by our group, and it is the largest ECA-covered facility provided by Deutsche Bank to a Ukrainian company to date.

As reported, recently several metal companies in Ukraine are building PCI units at blast furnaces, which will allow them to cut their consumption of natural gas and increase the competitiveness of their products.

Yenakiyeve Iron and Steel Works is part of Metinvest Group.

Metinvest is a vertically integrated international mining and steel company owning 24 assets in Ukraine, Europe and the United States and managing each link of the production chain – iron ore and coal mining and coke production through to semi-finished and finished steel production; including the manufacturing of plate and coil, pipe rolling, shapes and bars and other value-added products.