Russia's Mechel Says $1.5 Billion Bridge Loan Refinancing Agreed
27 May 2009 - 12:19AM
Dow Jones News
Russian coal and steel company OAO Mechel (MTL) said Tuesday it
has reached an agreement on the basic principles of refinancing its
$1.5 billion bridge loan for a term of up to three and a half
years.
The company said after negotiations with the banking syndicate,
which provided it with a one-year loan to finance the purchase of
Oriel Resources Ltd., it was granted Friday with a two-month
payment term extension. The new payment date is July, 15, Mechel
said.
The extension period will be used to execute the refinancing
agreement, said the company, adding that participating banks of the
syndicate are currently undergoing internal procedures to get the
final approval of the conditions of the agreement.
-By Alexander Kolyandr, Dow Jones Newswires; +44 20 7842 9410;
alexander.kolyandr@dowjones.com