Russian gold and silver mining group Polymetal International has concluded a four-year pre-export finance (PXF) facility agreement for up to US$350mn.
US$245mn of the facility has been committed by mandated lead arrangers (MLAs) and bookrunners Natixis, Rosbank, Société Générale and UniCredit – which was also facility co-ordinator, while ICBC was lead arranger.
The facility includes an accordion feature, allowing the company to request an increase for an amount of up to US$105mn. It has an amortisation repayment schedule and a final maturity date of November 6, 2019.
The proceeds will be used to refinance maturing debt and for general corporate purposes.
“[The facility] adds to our already strong liquidity position and reflects Polymetal’s financial strength and our confidence in the company’s growth opportunities”, says Vitaly Nesis, Polymetal’s CEO.