MOSCOW, July 2 (Reuters) - Russia’s largest steelmaker Evraz said on Monday it has agreed amendments to its $950 million syndicated structured credit facility maturing in 2015, as well as a number of bilateral facilities.
Evraz, partly owned by billionaire Chelsea soccer club owner Roman Abramovich, said changing the finiancial covenants comes as part of its ongoing treasury management.
The amendments include the change of maximum net leverage ratio from 3.0x to 3.5x and minimum earnings before interest, taxation, depreciation and amortisation (EBITDA) to interest expense ratio from 3.5x to 3.0x.
The changes apply to all the bank facilities having financial covenants tested on consolidated financial results of Evraz Group.
The total amount of those facilities is around $1.4 billion, of which $759 million is outstanding under the syndicated facility, Evraz added.