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Sberbank Grants OAO Severstal Three-Year Credit Facility
06/16/2009 - Russian bank Sberbank grants OAO Severstal a three-year US$ 300-million credit facility.
Russian bank Sberbank has granted OAO Severstal a three-year US$ 300-million credit facility.
Severstal said that it would use the loan proceeds for working capital purposes and for re-financing its indebtedness.
“These credit facilities will allow the Company to further strengthen its liquidity and extend maturity profile,” said Sergei Kuznetsov, CFO of ОАО Severstal. “Sberbank facility is a reliable long-term source of capital which will be used to finance ongoing needs and replace some of our maturing obligations.”
OAO Severstal, an international metals and mining company incorporated in 1993, focuses on high value added and unique niche products with a successful track record of acquiring and operating high-quality assets in North America and Europe. The company owns mining assets in Russia and the U.S., thus securing its own raw materials supplies. In 2008, Severstal produced 19.2 million tonnes of steel and reported revenues of $22.4 billion, EBITDA of $5.4 billion, and EPS of $2.2.
