Polymetal, Russia's largest silver producer and one of the largest gold producers, said on Wednesday it had obtained a $100 million loan from Raiffeisenbank to restructure its debt.
Polymetal, which operates in Russia's Far East (the Magadan Region and Khabarovsk Territory), the Urals (the Sverdlovsk Region) and Siberia (the Chita Region and the Krasnoyarsk Territory), said the two-year loan carries an interest rate of one-month Libor +5% per annum until October 31, 2010, and subsequently 7% p.a..
"We are very pleased to have refinanced yet another portion of our debt portfolio on highly favorable terms", Polymetal CEO Vitaly Nesis said.
Nesis said the company would continue work on the remaining debt and was on track to complete portfolio restructuring by the end of this year.
The company's stock is divided between businessmen Alexander Nesis (24%), who is Polymetal CEO Vitaly Nesis's brother, Alexander Mamut (some 20%), and the Czech group PPF (25%), with around 24.8% of shares - both ordinary shares and global depositary receipts - traded on the London Stock Exchange and Russian RTS and MICEX.
MOSCOW, December 23 (RIA Novosti)