Login/Register

Evraz refinances in North America with $610m facility

Company News

Evraz refinances in North America with $610m facility

Thu, 29 December 2011
Evraz refinances in North America with $610m facility

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

FTSE 100 Top Risers

Name Last Chg.% Time
Barratt Developments 389.30 2.64 16:59
Pearson 1,178.00 2.08 16:37
Barclays 230.00 2.00 16:35
G4S 259.50 1.92 17:07
Imperial Tobacco Group 2,753.00 1.81 17:07

FTSE 100 Top Fallers

Name Last Chg.% Time
Associated British Foods 2,621.00 -2.09 17:07
Whitbread 4,247.00 -1.87 16:55
Aggreko 1,624.00 -1.69 17:07
Old Mutual 194.00 -1.22 17:07
Aviva 525.50 -1.04 17:05