EVRAZ North America agreed renewal of the asset-backed line in North America

29 December 2014 - EVRAZ plc (LSE: EVR) announces that its North American subsidiary, EVRAZ North America (the "Company"), has closed the renewal and amendment of its asset-based revolving credit line (ABL). The new facility is US$515 million and has the same interest rate conditions as the previous ABL, which was signed in December 2011.  The maturity of the ABL has been extended to May 2019, which is aligned with the maturity of the Company's 7.5% senior secured notes due 2019.

The facility is secured with the inventories and receivables of EVRAZ North America. The funds will 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 book runners.

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EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 16.1 million tonnes in 2013. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. The company's consolidated revenues for the year ended 31 December 2013 were US$14,411 million, and consolidated EBITDA amounted to US$1,821 million. The company's consolidated revenues for the six months ended 30 June 2014 were US$ 6,805 million, and consolidated EBITDA amounted to US$ 1,080 million.