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Mechel Completes Restructuring Syndicated Pre-Export Loan

January 23, 2019
Mechel PAO, a leading Russian mining and metals company, reports refinancing its one-billion-dollar syndicated pre-export facility with a pool of international lenders, according to the company's press release.

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.
Company — Mechel
  • Full name
    Mechel PAO
  • Registration country
  • Industry
    Ferrous metals
  • Status
  • Volume
    800,000,000 USD
  • date of signing
    September 2010
  • Maturity date
    September 2013