August 09, 2008

Evraz reduces USD 500 million IPSCO loan

Reuters reported that Syndication of Russian steel maker Evraz Group's USD 500 million bridge loan has closed via arranging banks ABN AMRO and Calyon and banks will be signed into the deal shortly.

A banking source said that the loan, which backs the borrower's purchase of IPSCO's North American plate and pipe business from Sweden's SSAB was in syndication when Evraz announced last month it had completed a Eurobond transaction totaling USD 1.6 billion.

As a result, the loan was reduced to USD 500 million from USD 2.1 billion and the source said that there would be no further syndication.