Polymetal Enters into USD400 mn Facility Agreement with Sberbank
OREANDA-NEWS. December 06, 2013. Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY) (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is pleased to announce that it has entered into a five-year facility agreement with JSC Sberbank of Russia for the total amount of USD 400 million (the “Agreement”).
The funds to be drawn down under the Agreement will be used to repay the Group’s existing loans and finance ongoing operations, and are repayable in a bullet payment in 5 years. This new borrowing facility will result in a significant improvement of the Group’s debt maturity profile now extending to more than 3 years.
“We are pleased to strengthen our relationships with Sberbank” said Vitaly Nesis, CEO of Polymetal. “The extension of debt maturity profile achieved on excellent terms will underpin company’s strategy of returning free cash flows to shareholders”.