UniCredit (BA-CA and IMB) has successfully closed the syndication for the fully underwritten USD 118,000,000 Syndicated Term Loan Facility (“The Facility”) for PJSC Novorossiysk Commercial Sea Port (NCSP), rated Ba1 and BB+, NCSP press center reports . The Facility comprises the first syndicated term loan facility arranged for NCSP.
The Facility was signed in mid July 2007. The proceeds of the Facility have been used to refinance NCSP’s long-term indebtedness.
In spite of not very favourable market conditions, syndication was closed successfully at the beginning of November, with aggregate commitments above USD 118,000,000 raised; the borrower decided not to increase the Facility amount.
Novorossiysk Commercial Sea Port (NCSP OJSC) is the largest stevedoring company operating at the port of Novorossiysk. During 2006, NCSP consolidated its shareholdings in the majority of other operators and stevedores in the Port. In addition to its stevedore operations at the Port, NCSP operates a fleet at Novorossiysk for bunkerage and towing services, owns a large ship repair yard and operates a stevedoring company in Baltiysk on the Baltic Sea.