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November 18, 2009

MMK Atakas closed financing for integrated flat steel making complex in Turkey

MMK Atakas Metalurji Sanayi, Ticaret Ve Liman Isletmeciligi A.S (MMK Atakas), a Turkish project company, closed the long term financing for the construction of its integrated flat steel making complex and related infrastructure facilities in Turkey (the “Project”).

Designed annual capacity of the Project is 2.3 mm tonnes of flat steel products for sale in domestic and export markets. The Project was kicked off in October 2007 and is expected to be completed by the end of December 2010.

The financing package comprises:

- a EUR 384 million SACE backed export credit facility, arranged by BNP Paribas, SACE and The Royal Bank of Scotland and insured by SACE to finance the main supply contract with Danieli & C. Officine Meccaniche SpA (Italy) along with associated financing costs;

- a USD 450 million commercial facility arranged by Türkiye Garanti Bankası A.Ş. (62 %) and Türkiye Is Bankası A.Ş. (38 %), together with a USD 60 million working capital facility arranged by Türkiye Garanti Bankası A.Ş. (50 %) and Türkiye Is Bankası A.Ş. (50 %), for the financing of other capital expenditures and Project costs.

The Project has been progressing according to the construction schedule in spite of the recent global downturn in steel industry and difficulties in raising financial resources in the financial markets. Notwithstanding many steel projects were delayed or cancelled, the Sponsors of the Project - OJSC MMK (Russia) and Atakaş Group (Turkey) - committed all necessary resources and efforts to achieve the Project’s goals. The arrangers worked through the financial crisis and, together with SACE, managed to close the financing which enjoys a solid security package. A comprehensive Environmental and Social Impact Assessment has been conducted in accordance with IFC/World Bank standards and under the supervision of SACE.

Clifford Chance Europe LLP and Pekin & Pekin acted as the Finance parties’ legal advisors, Norton Rose and Hergüner Bilgen Özeke provided legal support to MMK Atakas and the Sponsors.

About MMK Atakaş

MMK Atakas is a Turkish company jointly owned by OJSC MMK and Atakaş Group which was established in 2007 for engineering, constructing and operating of an integrated flat steel making complex with annual production capacity of 2.3 mm tonnes of finished flat steel products located at two sites in Iskenderun and Kocaeli (Gebze).




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