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Russia’s Mechel has signed a $1bn-equivalent loan facility, as the metals and mining group pushes ahead with plans to restructure its debt portfolio by the end of 2018.
The loan will be used to refinance Mechel’s pre-export finance facilities, Nelli Galeeva, chief financial officer, said in a conference call on Tuesday.
The new facility will mature in April 2022, slightly later than the Q1 2022 maturity that 75% of Mechel’s lenders agreed to when the restructuring plans were floated at the start of this year.Mechel’s...