Tenex secures $500 million loan

Monday, 22 August 2011 Techsnabexport (Tenex) - the fuel cycle supply subsidiary of Russian state nuclear enterprise Rosatom - announced that it has received the last tranche of a $500 million loan from a syndicate of international banks. The five-year credit facility has been issued at the London Interbank Offered Rate (Libor), plus 2.25%. AtomEnergoProm - another Rosatom subsidiary - acted as guarantor for the transaction. According to Tenex, the transaction marks the first syndicated pre-export loan to be awarded to finance uranium products. The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Deutsche Bank, Nordea Bank, Rosbank and Societe Generale were appointed lead arrangers and book-runners. ING Bank and Natixis joined the transaction as lead arrangers. The loan was co-ordinated by Deutsche Bank. Tenex, which said that its long-term order book currently stands at $22 billion, did not disclose what it intends to use the loan for.