MMK Provided Guarantee MMK Trading AG for $ 600 mln
Magnitogorsk Iron and Steel Works has become an underwriter of the agreement on credit line arrangement sighed between its sister company MMK Trading AG and BNP Paribas, a Swiss bank. The decision was made on January 21, 2008 at the stockholders’ meeting. The cost of the transaction reached $600 mln. The credit that forms part of this amount will be spent on financing of pre-export and trade activities of MMK Trading AG. MMK will remain an underwriter for 3 years.
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