Polymetal guarantees $150 mln in VTB loans
MOSCOW. Dec 29 (Interfax) - Polymetal has provided guarantees for VTB loans totaling $150 million for the silver and gold miner's subsidiaries.
Polymetal said it would guarantee a loan of $60 million for CJSC Silver of Magadan, $50 million for CJSC North Urals Gold and $40 million for Okhotsk Mining and Geological Company. Interest on all loans is three-month LIBOR+6.3%.
The company plans to repay the loans in equal tranches during the first half of 2012.
"We've successfully refinanced a portion of our debt on good terms," said Polymetal CEO Vitaly Nesis.