Norilsk Nickel To Get $300m Credit

Russian metals giant Norilsk Nickel said that Societe Generale bank in September 2005 will complete syndication of $300-million credit line with an annual interest rate of LIBOR+0.75% for the company, AK&M reported.

Credit line is granted for a term of three years and will be secured by export revenue.

Norilsk Nickel is the world's largest producer of nickel and palladium and one of the largest producers of platinum and the one of the leaders in the national economy - its enterprises account for 4.3% of the Russian export. The share of Norilsk Nickel in the Russia's GDP is 1.9%, and 2.8% in the industrial output of the Russian Federation, that is 27.9% of the non-ferrous industry.