Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International Lenders
Mechel has just announced it has reached an agreement to extend the grace period and maturity of its USD 1 billion syndicated facility to the end of 2014 and 2016 respectively.
The process was coordinated by ING Bank N.V., Societe Generale and VTB Capital.
The agreement was signed on behalf of a syndicate of leading international banks, including ABN Amro, BNP Paribas, Caterpillar Financial Services Corporation, Commerzbank Aktiengesellschaft, ICBC (London) plc., ING Bank N.V., Natixis, Raiffeissen Bank International AG, Societe Generale, UniCredit, VTB.
Certified polished diamond prices were stable in November supported by improving demand during the Christmas shopping season. Diamond dealers were focused on supplying U.S. jewelers with strong demand for lower priced commercial quality diamonds as consumers tighten their holiday shopping budgets.
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds was down 0.1 percent in November. RAPI for 0.30-carat diamonds rose 1.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.3 percent.
Mechel announces that JSC "Elgaugol" project company has received the 150-million-dollar first tranche of the project financing for Elga Coal Complex’s first stage totalling 2.5 billion US dollars from Vnesheconombank.
Currently development of the rich Elga deposit is a key investment project for Mechel. Receiving these funds enables the company to continue working on this project regardless of market volatility and attain planned results as scheduled. “The quality of Elga’s coals and Elga’s geographic location make this project one of the most efficient in the world,” Chairman of Mechel OAO’s Board of Directors Igor Zyuzin said.
RapLab, a Rapaport Group company, is now offering synthetic diamond detection services to the diamond trade. The service will utilize DiamondSure® and DiamondView® technology developed by De Beers. RapLab will begin providing services in Ramat Gan, Israel and Mumbai, India on December 2. Additional service centers in New York and Surat will be available in the near future.
RapLab will provide testing for individual diamonds as well as implement statistical sampling protocols for parcels of diamonds.
NLMK Group (LSE: NLMK) continues to optimize its energy sector management. This process is part of developing an efficient and transparent functional/divisional management system covering all production sites in Russia and abroad; and a comprehensive program aimed at boosting business process efficiency.
At this new stage in developing the Energy Function, Alexander Starchenko, previously Director for Energy, was appointed to the newly created position of NLMK Group Vice President for Energy.
The De Beers Group of Companies successfully completed its first international Sight in Gaborone, Botswana on Thursday 14th November, providing a seamless transition for Sightholders following the relocation from London, with all systems and processes running smoothly. Strong demand was also in evidence at the Sight ahead of the end of year selling season.
The new US$35 million state-of-the-art De Beers facility, which was completed ahead of schedule and below budget, has been supported by investment in Gaborone airport by the Government of Botswana to improve entry for Sightholders. The relocation of international Sights to Gaborone highlights De Beers’ commitment to beneficiation and is a major milestone in the development of Botswana’s downstream diamond industry.
Mechel reports its participation in the 19th International Industrial Exhibition Metal-Expo’ 2013, which was held at the All-Russia Exhibition Center in Moscow on November 12-15, 2013.
The July 2013 launch of NLMK Group’s next-generation steelmaking plant project, NLMK Kaluga, was recognized as the Event of the Year 2013 in Russian steelmaking. The decision was taken by a panel of experts as part of the international Metal Expo 2013 exhibition, taking place in Moscow on 12-15 November. The award was accepted by the CEO of the plant, Sergey Shalyaev, at the opening ceremony.
Russian steelmaker NLMK and pipemaking company OMK signed a new Agreement on long-term cooperation renewing the contract for the supply of slabs until and inclusive of 2016. These slabs will be rolled into plates at the new Vyksa Steel Works (VMZ) Mill-5000 (MKS-5000) to be further used for the production of large-diameter pipes.
The Agreement was signed by NLMK Group President Oleg Bagrin and OMK Group President Vladimir Markin, on 7 November at the Vyksa Steel Works as part of a ceremony to mark the supply of the half-millionth tonne of slabs from NLMK to VMZ. The companies signed the initial contract in 2012.
Certified polished diamond prices fell in October as trading volume did not meet expectations for this time of the year. The U.S. continues to be the dominant market for polished ahead of the Christmas season. India’s pre-Diwali demand was weak and Chinese demand soft after the National Day Golden Week (October 1). Trading is selective with steady demand for 0.30-carat to 0.50-carat goods in commercial qualities (H-K, SI-I1).
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds fell 1.7 percent in October. RAPI for 0.30-carat diamonds rose 0.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.7 percent.
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Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International LendersFriday, Dec 6, 2013 at 9:27 am
Thursday, Nov 28, 2013 at 12:30 pm
Tuesday, Nov 26, 2013 at 10:07 am
Tuesday, Nov 19, 2013 at 10:55 am
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