Evraz in $900m share sale as refi struggles

Russian steel maker Evraz is turning to the equity market with a $900m convertible bond and ordinary share offer in a bid to refinance some of its short term debt, much of which is held by international lenders. But the company has also warned it could breach some of its financial covenants, which would lead to a cross-default on its bonds and loans, and was considering seeking a waiver.