EVRAZ North America agreed renewal of the asset-backed line in North America
EVRAZ plc (LSE: EVR) announces that its North American subsidiary, EVRAZ North America (the “Company”), has closed the renewal and amendment of its asset-based revolving credit line (ABL). The new facility is US$515 million and has the same interest rate conditions as the previous ABL, which was signed in December 2011. The maturity of the ABL has been extended to May 2019, which is aligned with the maturity of the Company’s 7.5% senior secured notes due 2019.
The facility is secured with the inventories and receivables of EVRAZ North America. The funds will be used for financing the Company’s working capital requirements.
GE Capital, Corporate Finance and Bank of America acted as joint lead arrangers and joint book runners.
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