Nordgold gets 5-yr $500 million Sberbank CIB facility
MOSCOW. March 17 (Interfax) - The gold-mining company Nordgold has reached a $500-million five-year facility agreement with Sberbank CIB, Nordgold said.
"Nord Gold N.V., the internationally diversified, pure-play gold producer strategically focused on emerging markets, is pleased to announce that it has entered into a 5-year facility agreement with Sberbank CIB in the amount of $500 million. Nordgold intends to use the proceeds to repay its existing debt facilities (approximately $465.5 million) and the balance for general corporate purposes," the company said.
"We are pleased to have secured this longer term facility on attractive terms despite challenging market conditions. It reflects the current strength of our business and the long term prospects for future growth. The funds raised will enable us to reduce the average interest rates we pay on our debt, extend the average length of our loan portfolio and improve our maturity profile. We are also pleased to further strengthen our relationships with Sberbank with whom we have worked successfully. Together with their long term support and the strength of our staff and management team, we are confident of achieving our long term objectives," company CEO Nikolai Zelenski is quoted in a company statement as saying.
