13th Aug 2014 06:51
LONDON (Alliance News) - Evraz PLC Wednesday said it has signed a USD425 million syndicated pre-export credit facility with a syndicate of banks to refinance its existing debt pile.
The Russian steel maker said the five-year deal has been secured for its Consolidated West Siberian Metallurgical Plant and Nizhny Tagil Metallurgical Plant operations. It will pay interest of LIBOR plus a margin calculated to Evraz's net leverage ratio, currently set at 3.5 percentage points.
Repayments will amortise in equal quarterly payments following a 24-month grace period.
Deutsche Bank AG and ING Bank NV worked as the coordinating mandated lead arrangers and bookrunners on the deal. OSCJ Nordea Bank worked as senior mandated lead arranger and bookrunner, Societe Generale SA acted as senior mandated lead arranger and Raiffeisen Bank International AG was a mandated lead arranger.
By Sam Unsted; [email protected]; @SamUAtAlliance
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