.jpg?lang=en-US&ext=.jpg)
.gif?width=220&height=200&mediaprotectionhash=374c6b9a31f2b2fbfc7937391034efb46fd57feba997b9ad2ae9a0bd3d48329d&ext=.gif)
Evraz Signs Five-Year Loan Agreement
11/23/2010 - Evraz Group S.A. has signed a US$950 million structured credit facility, maturing in 2015 and secured with assignment of sales proceeds under certain export contracts.
Evraz Group S.A. has signed a US$950 million structured credit facility, maturing in 2015 and secured with assignment of sales proceeds under certain export contracts. Interest under the facility is payable at a rate equal to LIBOR plus a margin calculated by reference to Evraz’s net leverage ratio, currently set at 2.8%.
The proceeds of the facility will be used to fully prepay the outstanding amount of the Group’s existing syndicated facility, which matures in 2012. This refinancing activity follows the completion of a 5-year, 15 billion rouble bond issue that took place in early November. As a result, Evraz has lengthened the average maturity of its indebtedness and has no remaining significant debt repayments in 2011 or 2012.
The entry into the facility, twice oversubscribed, was arranged and fully underwritten by a group of 14 international banks. Deutsche Bank AG, ING Bank N.V., and The Royal Bank of Scotland plc acted as coordinators.
Clifford Chance acted as legal counsel for the banks, and the company retained Gibson Dunn as legal advisor and Rothschild as financial advisor.
.gif?width=100&height=200&mediaprotectionhash=e2d5b15d68f84f22038524be6c58e5268d67b7f44494b544e29a8d53c5b959ba&ext=.gif)
