Metinvest Group, an international vertically integrated group of mining and metallurgical companies (hereinafter “Metinvest” or “the Group”), today said that Spartan UK, the Group’s rolling plant in Newcastle (UK), has attracted a new irrevocable factoring line in the amount of £ 35 million.
The line is co-organized with Raiffeisen Bank International AG (“RBI”) and will enable Spartan UK to conduct regular sales of trade receivables without recourse. All receivables will be governed by English law and insured by Tokio Marine HCC. The line will be open on an irrevocable basis with a renewable period of 364 days.
Commenting on the deal, Yuri Ryzhenkov, CEO of Metinvest Group, said:
– customer focus has always been one of the Group’s strategic priorities. We are constantly working to improve the products and services provided to make our value proposition even more attractive. This line will allow us to PROVIDE our clients with even more flexibility by offering different conditions of sale and financing.
Alexander Lyubareva, Director of the Financial Management Department of Metinvest Group
– In the current uncertain conditions, the importance of irrevocable instruments has increased, as they provide a stable source of financing for working capital. This is the first such line for Spartan UK, and we are pleased that our cooperation with RBI is successfully developing in new regions.