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Polymetal Subsidiaries Enter Into Credit Agreements with JSC VTB Bank
JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that its 100% subsidiaries - CJSC "Gold of Northern Urals", CJSC "Magadan Silver" and OJSC "Okhotskaya Mining and Exploration Company" have entered into credit agreements with JSC VTB Bank for the total amount of US$150 million (the "Agreements").
Key parameters of the Agreements are as follows:
- Interest rate: 3 month LIBOR plus 6.3% p.a.;
- Final maturity date: 30 months from the Agreement execution date.
Polymetal acts as a guarantor for its subsidiaries liabilities under the Agreements.
"We have successfully refinanced the new portion of our debt portfolio on a very favorable terms", said Vitaly Nesis, CEO of Polymetal. "Besides that, we are very pleased to see further development of our relationship with VTB Bank which is so far one of our key partner banks".
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