Russian steelmaker Evraz said Wednesday it had signed a $425 million five-year pre-export credit facility with a syndicate of international banks.
The proceeds will be used to refinance existing debt, Evraz said in a statement, adding that the pool of foreign lenders included Deutsche Bank, ING, Nordea, Societe Generale and Raiffeisen Bank.
Evraz is a rare Russian company to raise money on international capital markets at a time when tensions between Russia and the West are running high over Moscow's role in the Ukraine crisis.
Western debt and equity markets are now largely closed for Russian borrowers after the United States and the European Union slapped sanctions on some Russian businessmen and companies, including top oil firm Rosneft and major banks Sberbank and VTB.
Evraz said in early June it was planning on securing a syndicated loan of up to $1 billion with up to 10 banks, well before the West imposed its toughest round of sanctions on Russia over fighting in Ukraine.
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.
