Spartan UK secures new factoring facility

Spartan UK secures new factoring facility

01.12.2020

Metinvest, the vertically integrated group of steel and mining companies (“Metinvest” or “the Group”), today announced that Spartan UK, its re-rolling plant based in Newcastle, UK, has secured a new GBP35 million committed non-recourse factoring facility.

The facility was arranged with Raiffeisen Bank International AG (“RBI”) and will allow Spartan UK to perform regular sales of eligible trade receivables made on open terms on a true sale basis and without recourse against it. All receivables will be governed by English law and insured by Tokio Marine HCC. The facility will be established on a committed basis with a revolving tenor of 364 days.  

Commenting on the news, Yuriy Ryzhenkov, Chief Executive Officer at Metinvest, said: “Focus on customer needs has always been among Metinvest’s strategic priorities. We put a lot of effort into developing products and services to improve our value proposition. The facility will allow us to give our customers greater flexibility by offering various sales and financing conditions.”

Alexander Lyubarev, Director of Corporate Finance and Treasury at Metinvest, said: “In the current uncertain environment, the importance of committed instruments has increased, as they ensure stable sources of working capital financing. This is the first such facility for Spartan UK and we are pleased that our cooperation with RBI has successfully extended to new geographies.”

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