KGHM signs $2.5 bln credit deal

Poland's copper mining giant KGHM said on Friday that it has signed an agreement with a consortium of lenders for a five-year revolving credit worth $2.5 billion. The credit facility may be extended further, the statement said. Crédit Agricole Corporate and Investment Bank, Credit Agricole Bank Polska, BZ WBK, Santander Bank, Bank Pekao, Bank Handlowy and PKO BP are global coordinators for the loan. “The credit facility was significantly oversubscribed, with a substantial reduction in allocation for the participants,” the company said. The obtained funds will be spent on KGHM's capex, as well as on the refinancing of KGHM International's existing debt, the statement also said.