KazAtomProm signs credit agreement worth $450 million

Jan 20. Tengrinews

KazAtomProm signs credit agreement worth $450 millionKazAtomProm Kazakhstan’s Nuclear Company has signed a credit agreement worth $450 million with a group of international banks, according to the Company’s Press Service.

The agreement was signed on Monday in London, with Nurlan Kapparov, the Company’s Chairman of the Board, being the plenipotentiary on the Kazakh side.

According to the Company’s statement, the 4.5-year loan is jointly arranged by Bank of Tokyo-Mitsubishi UFJ, Citibank N.A. London Branch, Deutsche Bank AG London Branch, Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corporation and is provided at 2% plus Libor.

The borrowed funds will be channeled to refinance the Company’s Eurobonds maturing in May 2015. Back in 2010 the Company issued 5-year Eurobonds worth $500 million, with the money raised being directed to finance uranium mining projects.

Uranium production in Kazakhstan may reach 22 830 tons in 2014, a Tengrinews.kz journalist reported late September 2014, citing Sergei Poltoratsky, KazAtomProm National Nuclear Company Managing Director for Strategic Development, as speaking at an international conference on the uranium industry issues.

According to the Company, the 2013 uranium production figure stood at 22 500 tons. Sergei Poltoratsky reminded that Kazakhstan’s uranium reserves are estimated at 1.7 million tons, with the reserves lasting for another 80-90 years.