CMS has advised PJSC Uralkali, one of the world leading producers and exporters of potash, on its new $750m revolving credit facility arranged by Sberbank of Russia and Sberbank (Switzerland) AG with Sberbank (Switzerland) AG acting as facility agent, Sberbank of Russia acting as security agent and Sberbank of Russia and Sberbank (Switzerland) AG also as original lenders.
The new financing (being an uncommitted revolving facility with an embedded structured element enhancing its terms) will be used for general corporate purposes, including refinancing of Uralkali’s existing debt.
CMS’s joint Moscow and London team was led by dual-qualified counsel Elena Tchoubykina. Jason Brooks, a London-based partner, provided support on derivative related matters. The finance parties were represented by White & Case.
Elena has commented: “The willingness of Sberbank of Russia to meet the company’s requirement to close such a complex transaction in a fairly tight time frame clearly demonstrates not only the bank’s commitment to a particular client but also, generally, a continuing strong competition between Russian and international financial institutions when it comes to catering for financing needs of reputable Russian borrowers”.
Other CMS team members included English law banking and finance partner Mark Segall and Russian law associate Alexandra Kobzeva.
