metalloinvest (the"Company"), a leading manufacturer and supplier of iron ore products and HBI in the world market, one of the regional producers of high quality steel, entered into a supplementary agreement with ING Bank on the renewal of two credit lines totaling $ 200 million. (or the equivalent in euros).
In accordance with the terms of the extension, the validity of the redundant lines is 3 years. The interest rate on one of the lines of credit in the amount of $ 100 million. (or the equivalent in euros) will retain a reference to the change in the rating of corporate social responsibility (CSR) of the Company from the international independent Agency EcoVadis.
Alexey Voronov, Deputy Director General for Finance and economy of the Management company metalloinvest, commented: "the Extension of existing agreements with ING Bank which allows the Company to provide long-term backup source of liquidity in dollars and/or euros in the amount of up to $ 200 million. However, we reserve reference to the change in the rating of the CSR on one of the lines 100 million. that is actually an example of "green" financing. We expect that the ongoing Company working to improve practices in sustainable development will enable us in future to improve the commercial aspects of a portfolio of loans".
