The Russian steelmaker and iron ore producer Evraz Group (Evraz) has announced that its syndicated credit facility providers have approved, by the early bird deadline, the requested amendments to the credit facilities in question, which include the resetting of financial covenants.
The amendments relate to the facilities made available under the $3.214 billion structured credit facility agreement issued on November 22, 2007, the $225 million facility agreement issued on June 1, 2006, and the $200 million syndicated term loan facility agreement dated June 11, 2007.
"The approved amendments provide the company and its subsidiaries with the necessary headroom and flexibility to progress its current strategy," reads the company's statement.
J.P. Morgan and Lazard & Co. Ltd. acted on behalf of Evraz as financial advisers, and Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal advisers to Evraz, in relation to the amendment process.