Mechel pledges stakes in BMK, Posyet port for $150 mln loan from Alfa Bank
MOSCOW. Jan 22 (Interfax) - Chelyabinsk Metallurgical Plant (ChMK) , a division of Russian steel and coal group Mechel , raised a credit line from Alfa Bank in the second half of 2013 under which it received several short-term tranches totalling $150 million, Mechel materials show.
The short-term tranches are due in June-July 2014. The annual interest rate is 10.9%. The last tranche of the credit line is due on October 25, 2016.
Mechel provided a 65% stake in its Beloretsk Metallurgical Plant (BMK) and a 25% minus one share in Trade Port Posyet as security on the credit agreement.
As of June 30, 2013, 75% of Yakutugol Holding Company, 75% of Southern Kuzbass Coal Company, 50% of Korshunovsky GOK, 25% of Mechel Mining, 40% of ChMK, 25% of BMK, 45% of Urals Stampings Plant and 25% of Izhstal were pledged as collateral on the loans of Mechel and its subsidiaries, group materials show.
In December last year ChMK received a loan of 25.5 billion rubles from Sberbank due December 10, 2018. At the time, Mechel said the loan was being raised to refinance group debt to Sberbank, with about 16 billion rubles earmarked for refinancing short-term debt to the bank due in December 2013 and in 2014.