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UPDATE 1-Erdemir secures $1.13 bln to refinance debt

Tue May 26, 2009 6:03am EDT

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(Adds details, background)

ISTANBUL, May 26 (Reuters) - Erdemir (EREGL.IS), Turkey's biggest steelmaker, has secured $550 million and 900 million lira ($578 million) in loans to refinance its debt, the company said in a statement to the stock exchange on Tuesday.

The loans have maturities of 18 months and 24 months, respectively.

Erdemir's total financial debt, both short and long-term, was 4.07 billion lira at the end of the first quarter.

Steel prices, which fell to a six-year low in the first quarter, as well as a weaker lira currency hit Erdemir in the first three months of the year, causing the steelmaker to post a first quarter loss of 137 million lira.

Shares in Erdemir closed Tuesday's first session flat at 4.38 lira, outperforming the Istanbul benchmark, which traded 1.52 percent lower.

(editing by John Stonestreet)



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