Evraz abandons PXF for cheaper local bank deal

Evraz 230x150
By Bianca Boorer
29 Jun 2017

Russian steel and mining company Evraz has dumped plans to raise $500m through a pre-export finance facility (PXF) and decided instead to tap into local bank funds with more attractive terms.

“The situation is quite simple," said a Moscow-based banker at an international firm. "They can take the benefit from significantly lower funding costs from some Russian state and private banks by borrowing in roubles and swapping it back to dollars. State banks are sanctioned so they cannot borrow ...

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