The Russian mining and steel producer Evraz Group has announced that it has fully repaid the $1.007 billion loan to Russia's state-run corporation bank for development and foreign economic affairs, Vnesheconombank (VEB). This transaction is in line with Evraz Group's refinancing plan to term out its short-term debt.
The VEB loan was due to mature in five quarterly installments of $201.3 million each, starting from May 2010. For the purpose of the VEB loan repayment, Evraz utilized a $950 million loan from Gazprombank, which will mature in May 2015.