ENRC may increase credit 1.5 times - to $1.5 bn., rate - LIBOR+1.5%

/INTERFAX-AFI, Moscow, March 9, 07/ - Eurasian Natural Resources Corporation (ENRC) is planning to increase the volume of syndicated pre- export credit from $1 bn. to $1.5 bn., had informed the agency Interfax-AFI the source in the banking circles. By his words the five years' loan is borrowing under rate LIBOR+1.5%. "Syndication of the credit is already finished, the company is deciding how many funds should be borrowed", - he added. The leading organizers of the deal are ABN Amro Bank N.V., Barclays Capital and Deutsche Bank AG. S it was informed earlier, as the borrower is acting ENRC Marketing AG, guarantees on the credit are provided by Transnational company Kazchrome. Credit is secured with export income from selling of ferroalloys, produced by Kazchrome company and sold to the group of foreign buyers by the ENRC Marketing. Syndication of the credit had started in January 2007. The borrowed funds will be directed on financing of the current activities of the company, including investments into fixed assets and financing of the strategic plan of the group's development. ENRC is totally integrated group in the sphere of extraction and concentration of minerals with own energy and transport enterprisers. In year 2005 the sales of ENRC exceeded $3 bn. ENRC Marketing - is the specialized subdivision of the group of sales and marketing of ferroalloys. Further ENRC Marketing will join the functions of sales and marketing of all production assets of ENRC. The main production assets of ENRC are Kazchrome, Aluminum of Kazakhstan, Sokolovsko-Sarbayskoye ore mining and processing production association, Eurasian energy corporation. [2007-03-11]