Steel production and mining firm EVRAZ plc (EVR.L) has agreed amendments to its $950 million syndicated structured credit facility maturing in 2015, and a number of bilateral facilities, changing the financial covenants as per its ongoing treasury management. The amendments comprise the change of maximum net leverage ratio from 3.0x to 3.5x and minimum EBITDA to interest expense ratio from 3.5x to 3.0x.
The company said these changes apply to all the bank facilities having financial covenants tested on consolidated financials of EVRAZ's wholly-owned unit, Evraz Group S.A., which is the borrower under the syndicated facility and guarantor under the bilateral facilities. The total amount of those facilities is nearly $1.4 billion, of which $759 million is outstanding under the syndicated facility.
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