Evraz Plc EVR EVRAZ amends covenants in bank facilities

  Evraz Plc (EVR) - EVRAZ amends covenants in bank facilities

RNS Number : 6320G
Evraz Plc
02 July 2012
 



 

 

 

 

    EVRAZ agrees amendments to financial covenants in its bank facilities

 

2  July  2012  -  EVRAZ  plc  (LSE:  EVR)  has   agreed   amendments  to  its  
US$950 million syndicated structured credit facility maturing in 2015, as well
as a number of bilateral facilities, changing the financial covenants  as part
of its ongoing treasury management.

 

The amendments include the change of  maximum net leverage ratio from 3.0x  to 
3.5x and minimum  EBITDA to interest  expense ratio from  3.5x to 3.0x.  These 
changes apply to all the bank facilities having financial covenants tested  on 
consolidated financials of EVRAZ's  wholly-owned subsidiary Evraz Group  S.A., 
which is the borrower  under the syndicated facility  and guarantor under  the 
bilateral  facilities.  The  total  amount  of  those  facilities  is  approx. 
US$1.4 billion, of which  US$759 million is outstanding  under the  syndicated 
facility.

 

 

                                     ###

                                       

 

For further information:

 

Investor Relations:
Alexander Boreyko
Director, Investor Relations
London: +44 207 832 8990          Moscow: +7 495 232 1370

ir@evraz.com

 

Media Relations:
Oleg Kuzmin
VP, Corporate Communications
London: +44 207 832 8998          Moscow: +7 495 937 6871
media@evraz.com

 

 

 

 

 

 

 

 

 

 

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 is among  the top 20 largest steel producers  in 
the world based on crude steel  production of 16.8 million tonnes in 2011.  In 
2011 EVRAZ sold 15.5 million tonnes  of steel products. 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 2011 were  US$16,400 million and consolidated  EBITDA amounted  to 
US$2,898 million. 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCRTMLTMBTMMBT -0- Jul/02/2012 09:23 GMT