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Arrangers of syndicated loan for Severstal ask to cut down loan amount

01.09.2008 - RIA Novosti

Arrangers of syndicated loan for Severstal ask to cut down loan amount

Arrangers of a syndicated loan for OAO Severstal have asked to cut down the loan amount, raise the rate and decrease the tenor, according to a banking source. The company seeks to raise a $1.5bn loan and intends to sign an agreement on arranging the loan with approximately 10 banks.


Issuer profile: (Founded in 1955) On September 24, 1993 according to the decree of the President of the Russian Federation, the state-owned Cherepovets Iron and Steel Complex was registered by the municipal administration of the city of Cherepovets as Severstal joint-stock company. The unique raw materials (low phosphorus content in the ferrous quartzites from Kolsky Peninsula and low sulfur in the Pechora coal), first-class equipment and the use of numerous technical innovations are the advantages that allow Cherepovets Steel Mill to be one of the most powerful steel producers.
Outstanding issues:
  3 issue(s) outstanding worth USD 1 950 000 000
Issuer's rating:
Standard&Poor's BB/Stable Int. Scale (foreign curr.) 11/14/2008
Standard&Poor's BB/Stable Int. Scale (loc. curr.) 11/14/2008
Standard&Poor's ruAA National Scale (Russia) 11/14/2008
Moody's Ba2/Stable Int. Scale (foreign curr) 07/06/2007
Fitch Ratings BB/Stable Int. Scale (foreign curr.) 08/25/2008
Fitch Ratings AA(rus)-/Stable National Scale (Russia) 08/25/2008
Moody's Interfax Rating Agency Aa2.ru/Stable National Scale (Russia) 07/06/2007
National Rating Agency AA National scale (Russia) 07/06/2007










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