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Evraz Agrees to Raise Net Debt-to-Ebitda Covenant to 3.5

Evraz Plc, a Russian steelmaker part-owned by billionaire Roman Abramovich, agreed with lenders to alter covenants on a $950 million syndicated loan maturing in 2015 and a number of bilateral facilities.

The maximum acceptable ratio of net debt-to-earnings before interest, taxes, depreciation and amortization was raised to 3.5 from 3 previously, Evraz said today in a statement. The company was also allowed by lenders to reduce the minimum ratio of Ebitda to interest expenses to 3 from 3.5 previously, it said.

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