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Evraz refinances in North America with $610m facility

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Evraz refinances in North America with $610m facility

Thu, 29 December 2011

Shares in steel giant Evraz fell in morning trade on Wednesday after the firm signed a $610m five-year revolving credit facility for its US and Canadian subsidiaries.

The funds will be used to re-finance the existing $225m and C$300m facilities, as well as other capital requirements, the group said.

The new facilities will bear interest at floating rates with margins between 1.50% and 2% over the LIBOR rate. The rates depend on the utilisation level.

Shares were down 3.75% at 377.7p by 09:26, despite the new rates replacing the much-higher 3.25% and 4.25% on the refinanced facilities.

BC

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