IUD Draws $250m Syndicated Credit.

The Industrial Union of the Donbass will use the loan to complete a $1.1 bn modernization project at its Alchevsk Iron & Steel (ALMK: HOLD), Alchevsk Coke (ALKZ: SELL) and DMK Dzerzhynskogo steel mill. Citigroup, Societe Generale and the International Finance Corporation sponsored the transaction. The credit is for five years and consists of two tranches: a first tranche of $100m from the IFC and a second tranche of $150m from a consortium of banks. The interest rate for the second tranche is LIBOR+2.7%.