Evraz places 2 ECP issues worth $250 mln
MOSCOW. Dec 4 (Interfax) - Evraz has placed two issues of Eurocommercial Paper (ECP) worth $250 million combined, a financial market source told Interfax.
In particular, the company placed $80 million worth of nine-month ECP with yield at 3.5% per annum and $170 million in 12-month ECP at 3.75% pa, he said.
VTB Capital organized the placement.
At the end of H1 2012, Evraz's net debt to EBITDA ratio stood at 2.53, and its Eurobond covenant ceiling was 3.5. Evraz expects the coefficient to grow by the end of this year due to a decrease in EBITDA, Evraz's Vice President of Corporate Affairs Giacomo Baizini has said.
In November, Evraz asked the holders of its bonds maturing in 2015 to remove the covenant requiring the company to maintain the net leverage ratio at or below a specified level. Voting will take place on December 10.
As of the end of H1 2012, Evraz had $6.07 billion in net debt, down 5.8% for January-June. At the beginning of October, the company announced its purchase of a 50% stake in Corber Enterprises Limited, the main shareholder in OJSC Raspadskaya , for Evraz shares and $200 million.
