Ferrexpo increased its 2017 pre-export finance credit facility from $195 million to $400 million and extended the tenor from three years to four years. Deutsche Bank and BNP Paribas arranged the transaction along with seven other lenders.

The facility is a revolving committed facility and has a one year grace period before quarterly amortisations commence. The cost of the facility remains 450 basis points above U.S. LIBOR.

“The extension of this facility smooths and extends the group’s debt maturity profile and is in line with Ferrexpo’s strategy to have a principal revolving, low cost, long term debt facility that amortises on a quarterly basis,” Chris Mawe, chief financial officer of Ferrexpo, said.

Headquartered in Switzerland, Ferrexpo is an iron ore company with assets in Ukraine. It has been mining, processing and selling iron ore pellets to the global steel industry for 40 years.