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Mechel Announces Extension of Bridge Loan
03/27/2009 - Mechel OAO reaches agreement for a two-month extension of its bridge loan taken for the acquisition of Oriel Resources Ltd.
Mechel OAO announced a two-month extension of its bridge loan taken for the acquisition of Oriel Resources Ltd.
Mechel reached agreement for a two month payment term extension on March 25, 2009, following negotiations with the banking syndicate that provided Mechel a one-year loan for the Oriel Resources Ltd. (United Kingdom) acquisition. The new payment date is May 15, 2009.
Mechel said it will use the prolongation period to complete negotiations with the bank participants of the syndicate, aiming at refinancing the bridge loan with long-term instruments.
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.
