Evraz Unit Gets $289 Million Credit Line From GE, UBS, ING, Deutsche Bank

Evraz Group SA, Russia’s second- biggest steelmaker, said it got C$300 million ($289 million) of loans secured by inventories and receivables.

GE Capital Markets, UBS AG, ING Groep NV, and Deutsche Bank AG arranged the four-year revolving credit that will be used to fund Evraz Inc. Canada’s working capital, the Moscow-based company said in a statement.

Evraz signed a $225 million four-year credit line last year, agreeing to an interest margin of 400 basis points more than the London interbank offered rate, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.

Evraz’s debt is ranked B, five levels below investment grade, by Standard & Poor’s, and an equivalent B2 by Moody’s Investors Service.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

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