Evraz said its North American division agreed to borrow as much as $610 million to refinance loans as it seeks to reduce debt costs.
The five-year revolving credit facility will replace two loans of $225 million and 300 million Canadian dollars ($294 million), Evraz said Wednesday.
Evraz, which reported debt of $7.2 billion at the end of September, is refinancing loans as it seeks to expand while protecting credit ratings.
The company agreed to pay interest at 1.5 percent to 2 percent over the London interbank offered rate, compared with current rates of 3.25 percent and 4.25 percent, the company said.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
