On 26 May, Turkish integrated steelmaker Erdemir, in its statement sent to Istanbul Stock Exchange (IMKB), announced that it has secured $550 million and TRY 900 million ($578 million) in loans from various banks. The payment terms of the loans are 18 months and 24 months respectively. These new loans are to be used for the refinancing of current debts of TRY 725 million ($466 million) and $665 million, with payment dates between 20 May 2009 and 28 February 2010.
According to the statement, the loan secured in Turkish currency has already been taken, and the loan in US dollars will be taken by July 1-2, 2009.
According to the Q1 2009 results, Erdemir's total debts, both short and long term, amounted to TRY 5.5 billion ($3.5 billion) by March 31, 2009. On March 25, 2009, independent credit rating provider Standard & Poor's gave the company a credit rating of B negative.
In the first quarter of the current year, Erdemir registered a sales revenue of TRY 1.063 billion ($680 million); meanwhile, the company posted a net loss of TRY 137 million ($88 million) for the period in question, compared to a net income of TRY 226 million ($145 million) in Q1 2008.