PARNAS leader attacked during march in Nemtsov’s memorySociety & Culture February 26, 16:59
Donetsk water purification station recaptured from Ukrainian radicalsWorld February 26, 15:24
Russian skiers Ustyugov, Kryukov win team sprint at World ChampionshipsSport February 26, 15:23
Opposition activist Dadin sentenced for disorders at rallies leaves jailRussian Politics & Diplomacy February 26, 12:58
Aerospace Force chief says Russian army to get new combat jets and helicoptersMilitary & Defense February 26, 11:15
Mistura says Homs terror attacks attempt to derail Geneva talksWorld February 26, 5:49
Where to watch unique solar eclipse and spectacular ‘ring of fire’Science & Space February 26, 3:24
HNC expects Trump to correct Obama's mistakes in Syria - delegation headWorld February 26, 3:08
War on terror to dominate Geneva talks — Syrian UN envoyWorld February 25, 23:48
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%.