(MENAFN) struggling Russian miner and steelmaker Mechel has won a USD1 billion syndicated loan to undergo a restricting, Reuters reported.
The debt-laden firm, which was in a monthly repayment phase, said it will benefit from a grace period of 12 months, followed by repayment in equal monthly installments until August 2015.
Mechel carries USD9.4 billion net debt as of September 1. The company is seeking to sell its non-core assets to raise around USD4 billion to cut its debt leverage.
Mechel, controlled by billionaire Igor Zyuzin, like other Russian steelmakers, invested heavily to expand until the 2008 financial crisis hit steel demand and forced them to borrow to support operations.
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