November 23, 2007 - Evraz Group (LSE: EVR) (the “Company”) announces signing of a US$3,214 million structured multi-tranche credit facility. The loan facility has the interest rate of LIBOR+1.8% and consists of a US$2,714 million 5-year tranche secured on assignment of trade receivables and a US$500 million 3-year unsecured tranche. The facility is guaranteed by Mastercroft Ltd.
The Company applied US$1.8 billion of the deal proceeds to repay the bridge loan it raised earlier this year to finance the Oregon Steel Mills, Inc. acquisition with the remainder to be used for general corporate purposes.
The deal was arranged and fully underwritten by a group of 10 banks co-ordinated by ABN Amro Bank N.V., London Branch and included the Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Capital, BNP Paribas (Suisse) S.A., Calyon, Commerzbank Aktiengesellschaft, Deutsche Bank AG Amsterdam Branch, ING Bank N.V., Sumitomo Mitsui Banking Corporation and UBS Limited as the joint mandated lead arrangers. Deutsche Bank AG Amsterdam Branch was appointed facility agent and security trustee for the syndicate. Clifford Chance acted as legal counsel for the banks, and the Company retained Cleary Gottlieb Steen and Hamilton as its legal advisors.
For further information:
Corporate Affairs and Investor Relations
Tel: +7 495 232 1370