January 22, 2019 / 12:39 PM / 5 months ago

Russia's Mechel completes $1 billion loan restructuring

MOSCOW (Reuters) - Russian steel and coal producer Mechel (MTLR.MM) has completed the restructuring of its $1 billion syndicated pre-export loan, it said on Tuesday.

Mechel, at one point on the brink of bankruptcy, has been in restructuring talks with its lenders for several years.

The company said the restructuring had been made possible by a credit line in euros from VTB Bank, maturing in April 2022.

“Refinancing the syndicated loan enabled us to reduce the share of the group’s unrestructured debt from 22 percent to 8 percent,” Mechel finance chief Nelli Galeyeva said in a statement.

Reporting by Polina Ivanova; Writing by Tom Balmforth; Editing by David Goodman

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