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 nameMechel PAO
Credit — Mechel, 1, 09.2010
date of signingSeptember 2010
Maturity dateSeptember 2013