JSC Polymetal (LSE, MICEX, RTS: PMTL) («Polymetal» or the «Company») announces that it has entered into a credit facility agreement (the «Agreement») with ZAO Raiffeisenbank for the total amount of 100 million US dollars.
Key parameters of the Agreement are as follows:
«We are very pleased to have refinanced yet another portion of our debt portfolio on a very favorable terms», said Vitaly Nesis, CEO of Polymetal. «We continue to work on the remaining debt and are on track to complete portfolio restructuring by the end of this year».
«This transaction not only underlines the considerable interest of borrowers in the corporate-lending market, but also attests to the positive dynamics of that market as a whole. We hope that the refinancing of the portfolio will enable the company to consolidate its position in the precious-metals-mining sector still further», comments Oxana Panchenko, a member of ZAO Raiffeisenbank’s Board and the Head of its Corporate Banking and Corporate Finance Directorate.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 3Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 8th in consumer lending in Russia based on 3Q 2009 results.
Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 59,000 employees service around 15 million customers via more than 3,100 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns about 70 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.