Russian steel producer Evraz has announced that the lenders under its syndicated facilities have approved the requested amendments, including a reset of financial covenants.
The amendments relate to three specific facilities, a US$3.214mn structured credit facility signed November 22, 2007, a US$225mn facility agreement signed June 1, 2006, and a US$200mn syndicated term loan facility signed June 11, 2007.
In a statement released by the company, Evraz states that the approved amendments “provide the company and its subsidiaries with the necessary headroom and flexibility to progress its current strategy”.
JP Morgan and Lazard & Co are acting on behalf of Evraz as financial advisers, and Skadden, Arps, Slate, Meagher & Flom are legal advisers on the amendment process to the Russian firm.
Last Updated November 13, 2009
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