Iron ore company Ferrexpo has secured a new credit facility of $420m, and the loan has a maturity of five years including amortization over two years.

ING Bank, UniCredit Bank and Societe Generale Corporate and Investment Banking acted as co-ordinating mandated lead arrangers alongside seven other financial institutions.

Ferrexpo chief financial officer Chris Mawe said that the size and tenor of the facility complements the company’s recent $500m Eurobond issue and provides the necessary financial flexibility to continue to develop its significant project pipeline.

Ferrexpo is principally engaged in the production and export of high quality iron ore pellets, which are used in the manufacture of steel.