Hellenic to participate in syndicate loan to Ukrainian company

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By Stelios Orphanides

Hellenic Bank said that it agreed to participate together with the European Bank of Reconstruction and Development (EBRD) in a $350m (€285) syndicate loan agreement to Ukraine’s PubJSC ArcelorMittal Kryvy Rih (AMKR), a unit of steel producer ArcelorMittal.

Hellenic’s participation is limited to $10m, the bank said in a statement on the website of the Cyprus Stock Exchange on Tuesday.

EBRD, which holds a 5.4 per cent stake in Cyprus’s third largest lender, will extend a $200m loan to the Ukrainian steel mill AMKR, while the remaining participants which include AKA ASuhrkredit-Gesellschaft mbH, Credit Agricole CIO, Federated Project and Trade Finance Core Fund and Raiffeisen International, Hellenic said.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Barry White

    Very instructive that one of Cyprus` local banks finds that it is a better bet to loan $10 million to a Ukrainian steel company than to Cyprus businesses. A good reference point for potential foreign investors into Cyprus. The Arch Bish must be blushing, if possible.

  • Vladimir

    Hellenic’ interest rate will probably be the highest among all other participants…
    Let’s hope this steel company will never pay it back just like Cyprus does when borrowing))