Russia Evraz--covenants amended on $3.6 bln debt
MOSCOW, Nov 12 (Reuters) - Russian steelmaker Evraz (HK1q.L) said on Thursday its lenders agreed to change covenants on $3.6 billion worth of loans and it is also seeking to amend covenants on three bond issues.
"Evraz Group is pleased to announce that the lenders under its syndicated facilities have approved, by the early bird deadline, the requested amendments to those facilities, which include a reset of the financial covenants," the company said.
Evraz, part-owned by billionaire Roman Abramovich, also said it seeks to change covenants on three issues of notes maturing in 2013, 2015 and 2018 and worth a combined $2.75 billion, in particular a requirement to maintain a debt to EBITDA ratio of three to one.
"Evraz is proactively seeking amendments to existing covenant packages to allow it increased flexibility in a difficult environment to the benefit of all of its stakeholders, including holders of the notes," the company said.
Evraz said that on 2015 notes it also wants "certain relaxations of the net debt to EBITDA maintenance covenant." It said it is currently not in breach of any covenants. (Writing by Gleb Bryanski, editing by Gerald E. McCormick)
