Evraz NA Canada Secures Bank Financing
09/07/2010 - Evraz Group SA announced the closing of an approximately $285 million, four-year committed revolving credit facility by Evraz Inc. NA Canada.
Evraz Group SA announced the closing of a CAD300 million (approximately $285 million) four-year committed revolving credit facility by Evraz Inc. NA Canada.
The new facility is secured with Evraz Canada’s inventories and receivables as well as the inventories and receivables of its operating subsidiaries (ABL facility).
Evraz said the funds would be used to finance Evraz NA Canada’s working capital requirements and for other corporate purposes.
The credit facility was arranged by a group of banks coordinated by GE Capital Markets. UBS, ING, Natixis and Deutsche Bank acting were the joint mandated lead arrangers.
Evraz Inc. NA Canada is a subsidiary of Evraz Group SA, a large, Moscow-based vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA, Canada and South Africa. Evraz Group SA is ranked the 14th largest steel producer in the world based on crude steel production of 15.3 million tonnes in 2009.
