9th Nov 2015 14:15
LONDON (Alliance News) - Polymetal International PLC Monday said it has entered into a four-year pre-export finance facility agreement for up to USD350.0 million with a syndicate of banks.
Under a pre-export facility, funds are advanced by lending institutions such as banks against confirmed orders from foreign buyers, repaying the lender once payment has been received from the buyers of the goods.
Polymetal said USD245.0 million of the USD350.0 million has been committed by Natixis, PJSC ROSBANK, Societe Generale and UniCredit Bank Austria AG, which all acted as mandated lead arrangers and bookrunners while Bank ICBC (JSC) acted as the lead arranger and Unicredit co-ordinated the facility.
The facility includes an accordion feature which allows the company to increase the facility by another USD105.0 million, pushing the total amount to USD350.0 million.
The proceeds from the agreement will be used to refinance maturing debt and for general corporate purposes. The facility will have an amortisation repayment schedule and a final maturity date of November 6, 2019.
"The USD245.0 million in credit facilities, coupled with its flexible accordion feature of an additional USD105.0 million, adds to our already strong liquidity position and reflects Polymetal's financial strength and our confidence in the company's growth opportunities," said Chief Executive Vitaly Nesis.
Polymetal shares were trading flat at 568.0 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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