Mechel Completes Restructuring Syndicated Pre-Export Loan
22 Gennaio 2019 - 1:00PM
Mechel PAO (MOEX: MTLR; NYSE: MTL), a leading Russian
mining and metals company, reports refinancing its
one-billion-dollar syndicated pre-export facility with a pool of
international lenders.
The restructuring became possible by a credit
line in euro granted by VTB Bank with maturity in April 2022. The
grace period on the body of the debt is set until April 2020.
Debt buyback from lenders yielded Mechel
financial revenue totaling about 13 billion rubles.
“Refinancing the syndicated loan enabled us to
reduce the share of the Group’s unrestructured debt from 22% to 8%,
decrease the number of foreign lenders in our overall debt
portfolio, synchronize the loan’s conditions and debt repayment
schedule with current conditions of our loans lent by Russian
banks, as well as reduce borrowing costs,” Mechel PAO’s Chief
Financial Officer Nelli Galeyeva noted.
Mechel PAOEkaterina VidemanTel: + 7 495 221 88
88ekaterina.videman@mechel.com
Mechel is an international mining and steel
company. Its products are marketed in Europe, Asia, North and South
America, Africa. Mechel unites producers of coal, iron ore
concentrate, steel, rolled products, ferroalloys, heat and electric
power. All of its enterprises work in a single production chain,
from raw materials to high value-added products.
Some of the information in this press release
may contain projections or other forward-looking statements
regarding future events or the future financial performance of
Mechel, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially. We do not intend to
update these statements. We refer you to the documents Mechel files
from time to time with the U.S. Securities and Exchange Commission,
including our Form 20-F. These documents contain and identify
important factors, including those contained in the section
captioned “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in our Form 20-F, that could cause the
actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others,
the achievement of anticipated levels of profitability, growth,
cost and synergy of our recent acquisitions, the impact of
competitive pricing, the ability to obtain necessary regulatory
approvals and licenses, the impact of developments in the Russian
economic, political and legal environment, volatility in stock
markets or in the price of our shares or ADRs, financial risk
management and the impact of general business and global economic
conditions.
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