15 Mar 2018 12:17

Nordgold secures $300 mln syndicated loan to refinance existing Eurobonds

MOSCOW. March 15 (Interfax) - Gold miner Nordgold has signed a $300 million, five-year unsecured debt facility with a group of international banks, the company said in a statement.

The syndicated loan is being provided by ING, Raiffeisenbank, Raiffeisenbank Bank International AG, Rosbank , Societe Generale Corporate & Investment Banking and UniCredit Bank.

Nordgold intends to use the proceeds of the facility to refinance its existing Eurobonds, which mature in May 2018. Approximately $448 million in bonds are currently in circulation. The Eurobond refinancing will also be partially funded by cash on the company's balance sheet.

As of December 2017, Nordgold's total debt was $997 million, while its net debt position was $656.3 million.