GeoProMining («GPM») has raised a debut
GPM has secured long-term financing through its Dutch holding company Karlou B.V. (the Netherlands) (acting as the Borrower) with a recourse to GPM’s Russian and Armenian key operating subsidiaries. The loan was split in two tranches according to the purposes of financing: the proceeds of Tranche A will be routed towards repayment of existing GPM’s indebtedness, whereas Tranche B funds will be used for general corporate purposes and CapEx. Both tranches carry similar
Classic term loan structure of the financing was fine tuned with a pre-export finance component — the loan is backed by deliveries of gold as one of the main commodities developed by GPM. Signed on 19th March 2013 the facility was promptly funded.
CMS Cameron McKenna LLP («CMS») acted as legal advisors on behalf of the lenders and Allen & Overy Legal Services («A&O») acted as legal advisors on behalf of the company.
GPM is an international, diversified metals resource holding company with three operating assets in two resource-rich countries. Its strategy aims to build on existing operations, taking advantage of significant opportunities for growth through brown field expansion, green field exploration, new mine development and resource expansion.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 12th among the Russian banks in terms of assets, based on 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. In total, around 61,000 employees service about 14.1 million customers through around 3,100 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.