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Evraz NA Secures US$725 Million of Bank Financing
08/18/2008 - Evraz Group closes a five-year revolving credit facility and a five-year term loan facility for its North American division, Evraz NA.
Evraz Group S.A. has closed a US$550-million five-year revolving credit facility and a US$175-million 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. They are secured by the assets of Evraz Inc. NA and its subsidiaries.
The company said 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.
“We are pleased to successfully close the transaction,” said Pavel Tatyanin, Evraz Group’s Senior Vice President and CFO, commenting on the facilities. “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”.
