Evraz seeks covenant waiver, with Severstal set to follow

20 Nov 2009

Bonds issued by Russian steel firm Evraz rallied this week after it offered attractive terms to investors that it is asking to approve covenant changes.

Evraz wants to change a net debt to ebitda maintenance covenant on $750m of bonds maturing in 2015. The company would default if it were to breach the covenant.

It also wants to change the financial incurrence test on nearly $3bn of bonds maturing in 2013, 2015 and ...

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