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28 Dec 2011 07:00
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EvrazΒ NA Signs USD610Β Million Revolving Facility
28 December 2011- EVRAZ plc (LSE: EVR) announces the closing of a USD610Β million five-year committed revolving credit facility for its US and Canadian wholly-owned subsidiaries ("EvrazΒ NA"). The facility is an asset-based revolving credit line secured with the inventories and receivables of EvrazΒ NA.
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The funds will be used to re-finance the existing USD225Β million and CAD300Β million facilities, as well as for financing EvrazΒ NA's working capital requirements and for other corporate purposes. Amounts drawn under the new facility will bear interest at floating rates with margins varying between 1.50% to 2.00% over LIBOR depending on the utilisation level, compared to between 3.25% and 4.25% on the refinanced facilities.
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GE Capital Markets, Inc., GE Capital Markets (Canada) Ltd., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Loan Finance LLC acted as Joint Lead Arrangers and Joint Bookrunners for the transaction.
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For further information:
Investor Relations:Alexander BoreykoDirector, Investor RelationsLondon: +44Β 207Β 832Β 8990 Moscow: +7Β 495Β 232Β 1370
ir@evraz.com
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Media Relations:Oleg KuzminVP, Corporate CommunicationsLondon: +44Β 207Β 832Β 8998 Moscow: +7Β 495Β 937Β 6871media@evraz.com
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EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy and South Africa. EVRAZ was ranked the 15th largest steel producer in the world based on crude steel production of 16.3Β million tonnes in 2010. A significant portion of the Group's internal consumption of iron ore and coking coal is covered by its mining operations. The Group's consolidated revenues for the year ended 31 December 2010 were US$13,394 million and consolidated adjusted EBITDA amounted to US$2,350Β million. EVRAZ plc holds 99.8% of Evraz Group S.A.
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