The Russian steelmaker and iron ore producer Evraz Group (Evraz) has announced that its subsidiaries have drawn on loan facilities from Nordea Bank totaling $404 million for a period of four years.
The new proceeds, which is are to mature in June 2014, have been used to repay loans owed to Nordea Bank in the amount of $357 million that were due in the fourth quarter of 2010, as well as certain other short-term debts.
"This transaction is in line with Evraz's policy of substituting short-term debt with longer-term maturities," reads the company's statement.