Subsidiary of Russia’s Mechel inks guaranteed loan
Mechel Trading, the trading arm of Russian mining and steel credit Mechel, has signed a $180m three year loan guaranteed by Mechel and Chelyabinsk Metallurgical Plant and secured against some of the borrower’s offtake contracts.
Barclays Capital, ING, UniCredit and UniCredit Moscow provided the refinancing facility, which has a grace period of 18 months. The Swiss-based borrower said that the loan might be increased to $350m if other banks join the deal at a later date.
Mechel reported Ebitda of $1.17bn for the first
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