Evraz Plc Amendment of existing loan agreements (7136G)
06 March 2018 - 5:00AM
UK Regulatory
TIDMEVR
RNS Number : 7136G
Evraz Plc
05 March 2018
Amendment of existing loan agreements
EVRAZ plc ("EVRAZ", the "Company" and together with its
subsidiaries, the "EVRAZ Group") announces today that CJSC "MMC
"Timir" ("Timir"), the EVRAZ Group's 51 per cent. owned subsidiary,
has signed certain amendments to its existing loan agreements with
AK ALROSA PAO ("ALROSA") (the "Transaction").
Transaction highlights
In April 2013, EVRAZ acquired a 51 per cent. ownership interest
in Timir from Alrosa. Alrosa retained the remaining 49 per cent. of
Timir, a joint venture created for the purpose of developing iron
ore deposits in the southern part of the Yakutia region in
Russia.
In May 2010 and February 2011, Timir entered into two loan
agreements with Alrosa (the "Loan Agreements"), worth 284 million
roubles and 2,008 million roubles, respectively.
On 05 March 2018, Timir executed documents effecting the
following amendments to the existing Loan Agreements with
Alrosa:
-- the term of the Loan Agreements has been extended by two years to 25 December 2019; and
-- the interest rate applicable to the amounts outstanding under
the Loan Agreements will be reduced from 0.5 per cent. to 0 per
cent.
All other terms of the existing Loan Agreements remain
unchanged.
Pursuant to UK Listing Authority ("UKLA") Listing Rule 11.1.4R,
Alrosa is classified as a related party of EVRAZ, due to its
substantial shareholding in Company's subsidiary, Timir. The
Transaction, therefore, constitutes a smaller related party
transaction as defined under UKLA Listing Rule 11.1.10R and EVRAZ
has accordingly obtained a written confirmation from a sponsor that
the terms of the transaction are fair and reasonable as far as
shareholders of EVRAZ are concerned.
###
For further information:
Media Relations:
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
This information is provided by RNS
The company news service from the London Stock Exchange
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