Ilim Timber, a global leading manufacturer of sawn timber and plywood with plants in Germany and Russia, has concluded a deal to refinance most of its current loan portfolio.
A syndicated loan of up to 255 million euros for a period of five years was provided by leading international financial institutions. The deal was organized by UBS, VTB Bank (PJSC) and Gazprombank.
The floating interest rate on the loan will be determined depending on the current financial performance of the company for each reporting period.
Commenting on the closing of the transaction, Alexander Semenov, Ilim Timber’s CFO, stated: «The syndicated loan will provide our company with the necessary liquidity and enhance our flexibility to plan future development. We are grateful to the banks for their constructive cooperation and excellent results in conducting a technically complex transaction in our challenging times».