The Russian steelmaker and iron ore producer Evraz Group (Evraz) has announced that its US-based subsidiary Evraz Inc. NA has secured a $225 million four-year committed revolving credit facility to fund its working capital requirements and for other corporate purposes.
The credit facility in question is secured with the inventories and receivables of Evraz Inc. NA and its operating subsidiaries. The facility was arranged by a group of banks coordinated by GE Capital Markets, Inc., with UBS, ING and Natixis acting as the joint mandated lead arrangers.
Evraz Inc. NA operates plants and works in eight locations, including Oregon Steel in Portland and Regina Steel in Saskatchewan, Canada, and has an annual capacity of approximately five million mt of rolled steel products and one million mt of crude steel, while it also has its own scrap collecting facilities.
As of September 30, 2009, Evraz's total debt amounted to approximately $8.417 billion, including $3.421 billion of short-term loans and current portion of long-term debt.