Evraz secures $725 mln of bank financing

Evraz Group S.A. announces the closing of a $550 mln five-year revolving credit facility and a $175 mln five-year term loan facility for its North American division, Evraz Inc. NA.

The facilities bear the floating interest rate of LIBOR plus 2.5% and LIBOR plus 3.25% respectively and are secured by the assets of Evraz Inc. NA and its subsidiaries. The funds will primarily be used to refinance existing indebtedness of Evraz Inc. NA. The revolving credit facility was jointly led by RBS Greenwich Capital and GE Capital with RBS Business Capital and GE as co-collateral agents. The Term Loan was led by RBS Greenwich Capital. Commenting, Pavel Tatyanin, Evraz Group’s Senior Vice President and CFO, said: “We are pleased to successfully close the transaction. It demonstrates Evraz’s ability to secure external financing even in the current complex credit environment as well as the confidence of the financial community in the Company’s strong business model in North America”.