Dec 24, 2010. /Lesprom Network/. UPM has prepaid all of the Uruguay Fray Bentos pulp mill investment project loans of $372 million. The security arrangements relating to the project loans will be released. The prepayment reduces financing costs and simplifies the Group's financing structure, as UPM said in a statement received by Lesprom Network. UPM has also agreed on new bilateral committed credit facilities totalling Euro 675 million, which all are currently undrawn. The Euro 1 billion syndicated credit facility that serves as UPM's current back stop facility will expire in March 2012. The rest of the refinancing is planned to be agreed by the end of the 1Q 2011 in a form of additional bilateral credit facilities and a syndicated credit facility. The new syndicated credit facility is planned to be significantly smaller than the current one. UPM has also agreed on new bank loans totalling Euro 800 million to finance the recently announced Myllykoski transaction. The loans will have an average maturity exceeding five years. UPM consists of three Business Groups: Energy and pulp, Paper, and Engineered materials. The Group employs around 23,000 people and it has production plants in 15 countries.