Promsvyazbank opens $250-mln credit facility for Uralkali
MOSCOW. Aug 4 (Interfax) - Promsvyazbank has opened a ten-year credit facility of $250 million for potash miner Uralkali .
Uralkali said in a statement that the loan would be used to refinance current liabilities and to fund its investment program.
"This new unsecured credit line demonstrates the ability of Russian financial institutions to provide long-term loans to Russian borrowers. Currently, Uralkali does not plan to increase its leverage; however, we continue to develop relationships with financial partners in order to receive funding on the most favorable terms. The funding secured within this transaction will make it possible for us to refinance part of our current liabilities, reduce financing costs and increase the average tenor and the amount of unsecured loans in our portfolio," said Viktor Belyakov, Uralkali CFO.