Gide Loyrette Nouel advised Evraz on amending its bank facilities

10.07.2012
Gide Loyrette Nouel has acted as English and Russian legal counsel to Evraz Group S.A. ("Evraz"), a subsidiary of EVRAZ plc and one of the largest steel producers in the world with operations in the Russian Federation, Ukraine, Europe, North America and Africa, on amendments to its US$950 million syndicated structured credit facility maturing in 2015, as well as a number of bilateral facilities.
The amendments were completed in June 2012 and included, among other things, changes to Evraz's maximum net leverage ratio and minimum EBITDA to interest expense ratio.  The amendments were made to all credit facilities under which financial covenants are tested on the basis of the consolidated financials of Evraz, which is the borrower under the syndicated facility and guarantor under the bilateral facilities.  The total amount of these facilities is approximately US$1.4 billion.
Evraz team managing the amendments was led by Rostislav Rozbitsky (Director, Bank Financing and Capital Markets), Valentin Koval and Elena Ermolaeva.
Gide team advising Evraz was led by Grigory Marinichev (Partner), Tim Theroux (Counsel), Evgeny Rodionov (Associate) and George Williams (Trainee Associate).
The banks under the US$950 million syndicated structured credit facility were advised by Clifford Chance.
 

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