“Mechel” has completed the negotiations on the restructuring of a syndicated loan volume of $1 billion




“Mechel” has completed the negotiations on the restructuring of a syndicated pre-export loan totaling about $1 billion to further improve the financial situation of the company.

“Mechel” has received the consent to the restructuring from 75% of participants pre-export syndicated loan, which, in turn, hold more than 75% of the loan amount.

“The terms of restructuring involve extending the term of repayment of the loan until the first quarter of 2022 and the reduction of interest rates to LIBOR + 3.5% per annum (with the possibility of further decline to the level of LIBOR + 3% per annum),” the company said.

The sides plan to sign documents on the restructuring during the first quarter of 2018.

Borrowers for this loan are: JSC HC “Yakutugol” and PJSC “southern Kuzbass”.

“We Express our deep appreciation to the syndicate of international banks for the fact that as a result of intensive negotiations that lasted several years, finding a mutually acceptable solution for restructuring the debt. The resulting level of support – more than 75% – sufficient for the implementation of the legal restructuring procedures. However, we will continue the negotiations and not leave hope that in the near future, the restructuring will be supported by all creditors,” – said General Director of JSC “Mechel” Oleg Korzhov.



“Mechel” has completed the negotiations on the restructuring of a syndicated loan volume of $1 billion 09.01.2018

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