EVRAZ Closes ABL Facility with GE Capital, BofA
Evraz, an integrated steel, mining and vanadium business, said its North American subsidiary, EVRAZ North America, has closed the renewal and amendment of its asset-based revolving credit line. The new $515 million facility has the same interest rate conditions as the previous ABL. The maturity of the ABL was extended to May 2019.
The facility is secured with the inventories and receivables of EVRAZ North America. The funds would be used for financing the company’s working capital requirements. GE Capital, Corporate Finance and Bank of America acted as joint lead arrangers and joint bookrunners.