The Russian steelmaker and iron ore producer Evraz Group (Evraz) has announced that it has repaid a $800 million loan to Russia's state-run corporation bank for development and foreign economic affairs, Vnesheconombank (VEB), secured in December 2008 to refinance its short-term debt to a syndicate of non-Russian banks.
Accordingly, the loan was provided with the pledge of assets and shares of Evraz Inc. NA Canada, a wholly-owned Canadian subsidiary of Evraz Group.
As SteelOrbis previously reported, to refinance the company's debts, in November 2008 VEB also provided Evraz with a $1.0066 billion loan, the term of which was recently extended by one year. The loan in question will be repaid in five quarterly installments of $201.3 million, starting from November 2010.