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Mechel Announces Extension of Bridge Loan
05/27/2009 - Mechel OAO obtains a two-month extension of its bridge loan taken to finance the acquisition of Oriel Resources (Great Britain).
Mechel OAO has obtained a two-month extension of its bridge loan taken to finance the acquisition of Oriel Resources Ltd. (Great Britain).
Mechel reached agreement for the two-month payment term extension with the banking syndicate that provided the one-year loan for financing the company’s Oriel Resources Ltd. (Great Britain) acquisition.
The agreement for the extension was reached on May, 22, 2009, following negotiations for the original loan. The loan’s new payment date is July, 15, 2009.
The Company and creditor banks representatives agreed on the basic principles of the bridge loan refinancing for a term of up to 3.5 years, and the extension period will be used to execute the agreement. At the moment the participating banks of the syndicate are in the process of conducting internal procedures in order to get final approval of the agreement conditions.
Mechel, one of Russia’s leading companies, unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, nickel, hardware, heat, and electric power. Its business includes four segments—mining, steel, ferroalloys and power—and its products are marketed domestically and internationally.
