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EVRAZ plc Announces Agreement To Sell EvrazTrans To NefteTransService-SKRIN Newswire


Sunday, 25 Nov 2012 10:05pm EST 

SKRIN Newswire reported that on November 22, 2012 EVRAZ plc (EVRAZ) signed an agreement for disposal of its Russian railcar operating subsidiary EvrazTrans to Russian freight rail operator NefteTransService (NTS) for RUB 9,450 million (approximately USD 300 million) cash consideration on the basis of RUB 150 million (approximately USD 4.8 million) of working capital, no cash and no debt. Completion is subject to receipt of certain customary corporate approvals and delivery by NTS of relevant authority approvals and is expected to take place by the end of 2012. EVRAZ will apply the sales proceeds for general corporate purposes, including, but not limited to, the repayment of some of its debt. Under the contract with NTS, EVRAZ has agreed to sell its participatory interest in the share capital of EvrazTrans, the owner of 4,114 gondola cars with an average age of 5.5 years. EVRAZ will retain ownership of and continue to operate hoppers previously owned by EvrazTrans. EVRAZ has also signed a five-year off-take service contract with NTS in respect of approximately 30% of EVRAZ’s rail transportation requirements. The services provided by NTS to EVRAZ will be at market prices negotiated quarterly. 

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