Mechel Reports Restructuring Loan With VTB
September 21 2015 - 8:46PM
Mechel OAO (MICEX:MTLR) (NYSE:MTL), one of
the leading Russian mining and metals companies, reports
restructuring its loan with VTB Bank totaling approximately 70
billion rubles.
Mechel OAO and the group's enterprises – Southern Kuzbass Coal
Company OAO, Yakutugol Holding Company OAO and Chelyabinsk
Metallurgical Plant PAO – act as borrowers on the loans.
The loan agreements set the grace period until April 2017 and
loan maturity in April 2020 to be paid in monthly installments.
"I am glad that our complicated negotiations with Mechel are
successfully over. I hope that the banks' new conditions will allow
Mechel Group, which we have worked with for many years,
to continue implementation of its investment projects and
fulfill all its obligations," President and Chairman of VTB Bank
Management Board Andrey Kostin said.
"We are grateful to VTB for its support. This restructuring will
enable the company to service its debt even in these times that are
difficult for the global commodity market. Mechel will do all it
can to fulfill its obligations in compliance with the agreements we
have reached and will continue the development of our Far East
projects," Chairman of Mechel OAO's Board of Directors Igor Zyuzin
said.
Mechel is an international mining and steel company which
employs 67,000 people. Its products are marketed in Europe, Asia,
North and South America, Africa. Mechel unites producers of coal,
iron ore concentrate, steel, rolled products, ferroalloys, heat and
electric power. All of its enterprises work in a single production
chain, from raw materials to high value-added products.
Some of the information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of Mechel, as defined in
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. We wish to caution you that these
statements are only predictions and that actual events or results
may differ materially. We do not intend to update these statements.
We refer you to the documents Mechel files from time to time with
the U.S. Securities and Exchange Commission, including our Form
20-F. These documents contain and identify important factors,
including those contained in the section captioned "Risk Factors"
and "Cautionary Note Regarding Forward-Looking Statements" in our
Form 20-F, that could cause the actual results to differ materially
from those contained in our projections or forward-looking
statements, including, among others, the achievement of anticipated
levels of profitability, growth, cost and synergy of our recent
acquisitions, the impact of competitive pricing, the ability to
obtain necessary regulatory approvals and licenses, the impact of
developments in the Russian economic, political and legal
environment, volatility in stock markets or in the price of our
shares or ADRs, financial risk management and the impact of general
business and global economic conditions.
CONTACT: Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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