Russian space budget may grow this yearScience & Space May 26, 20:48
Moscow hopes London High Court will deliver judgement on Ukraine’s debt to Russia soonBusiness & Economy May 26, 20:21
Hungarian top diplomat: EU must discuss anti-Russian sanctionsWorld May 26, 19:56
Russian, French top diplomats discuss preparations for Putin’s visit to FranceRussian Politics & Diplomacy May 26, 19:47
Moscow comments on Tallinn’s move to expel Russian diplomatsRussian Politics & Diplomacy May 26, 19:43
WADA: Legendary Isinbayeva suits role of ambassador for clean sports in RussiaSport May 26, 19:33
Russia working on advanced air defense systemMilitary & Defense May 26, 19:17
WADA receives Russia’s new national anti-doping planSport May 26, 19:14
Moldova’s ruling pro-European coalition breaks upWorld May 26, 19:12
MOSCOW, May 15. /ITAR-TASS/. Igor Zyuzin’s Mechel has refinanced 40 billion rubles (about $1.2 billion) of the VTB loan, the mining and metals company’s spokesperson told ITAR-TASS.
The credit line also stipulates an additional amount of 3.8 billion rubles (about $109) for the refinancing of another debt to VTB, which will not increase Mechel’s debt.
Earlier on Thursday, Mechel announced an additional agreement had been signed to the 2010 loan agreement with VTB, which increased the share of Mechel-Mining stocks pledged as collateral by 12.5% of the authorized capital to 37.5% plus one stock.
The agreement has also modified the repayment schedule and increased the allotted loan. The amount of the deal revealed (59.9 billion rubles, or $1.7 billion) included the debt plus interest payments for the loan period, the spokesperson said.
In February, Mechel’s Senior Vice-President for Finance Stanislav Ploshchenko said the company was negotiating refinancing of about $1 billion by the end of 2014, including about $500 million of VTB loans and several small credit lines.
The company’s total debt as of February 2014 amounted to about $9 billion.
Mechel’s main lenders were three major Russian banks — Sberbank, VTB and Gazprombank as well as a large number of Western banks that participated in syndicates and club deals, said Ploshchenko.
Mechel Group assembles coal mining, iron ore concentrate, steel, rolled products, ferroalloys, HVA products, heat and electricity facilities.
Zyuzin holds 66.76% of the company. Other managers own less than 1%.