Silver and gold producer Polymetal International and UniCredit bank have agreed on terms of a 5-year $200 million loan to finance existing debt from May, the company said in a statement on May 15.
Polymetal is also considering options to refinance its $400 million loan with Sberbank due in November 2018 and is in talks with the European Bank for Reconstruction and Development (EBRD) on a $140 million loan to refinance a Kyzyl project. The agreement is to be signed before July and needs approval from the EBRD board of directors.
As of December 2016, the company’s net debt amounted to $1.33 billion, the net debt to adjusted EBITDA ratio stood at 1.75. According to a debt repayment schedule, about $100 million must be paid in 2017 and about $600 million in 2018. (Prime/Ukrainian metal)