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Mechel OAO Raises Loan of RUB 40 Billion From VTB Bank OAO-Interfax


Wednesday, 10 Apr 2013 08:06am EDT 

Interfax reported that Mechel OAO has signed a loan agreement with VTB Bank totaling 40 billion rubles (about USD 1.3 billion), the Company said in a press release. The loan proceeds will be used to refinance current debt, so it will not increase Mechel OAO's credit portfolio. No repayment of principal is due in the first 15 months, after which it will be amortized over a period ending five years from the agreement signing date. The interest rate varies according to the Company's net debt to EBITDA ratio. Part of the interest rate will be up for capitalization, the press release says.Some RUB 25 billion(USD 800 million) of the overall amount will be used to settle short-term debt in 2013, including debt to VTB and ruble-denominated bonds. 

Company Quote

1.895
-0.045 -2.32%
31 Jul 2014