Polymetal International PLC Polymetal secures new US$ 250 million bank loan (9463Y)
28 August 2018 - 4:00PM
UK Regulatory
TIDMPOLY
RNS Number : 9463Y
Polymetal International PLC
28 August 2018
Release time IMMEDIATE
Date 28 August 2018
Polymetal International plc
Polymetal successfully closes new US$250 million bank loan with
Alfa-Bank
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") is pleased to announce that it has secured a long-term
5-year fixed rate loan in the amount of US$250 million with
Alfa-Bank.
The loan has created a significant liquidity reserve at an
attractive fixed interest rate and will be primarily used to
refinance maturing debt. It is repayable in 2023 and will
meaningfully improve the company's maturity profile.
The Company's average interest rate in 1H 2018 stood at 4.11%
(2017: 3.96%, 2016: 4.33%) with 47% of its portfolio at a fixed
interest rate. The average borrowing rate for Polymetal has been
consistently low despite meaningful growth in base interest rates
over the last two years.
As at 30 June 2018, the Company's net debt stood at US$ 1,652
million, 2.08 times Adjusted EBITDA. As in prior years, stronger
production and a traditional seasonal working capital drawdown
should drive stronger free cash flow generation in 2H 2018 and will
bring our net debt down by year end to its normalised levels and
below 2.0x Adjusted EBITDA.
"This is an excellent transaction which provides for stability
of funding to support our development strategy going forward. I am
very pleased to see that even in today's turbulent environment,
Polymetal continues to source long-term financing on attractive
terms from leading financial institutions, maintaining a stable low
cost of debt and a comfortable maturity profile", - said Maxim
Nazimok, CFO of Polymetal.
Enquiries
Media Investor Relations
------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Eugenia Onuschenko +44 20 7016 9505 (UK)
Viktor Pomichal Maryana Nesis
Michael Vasiliev +7 812 334 3666 (Russia)
------------------ ------------------ -------------------- ------------------------------
Joint Corporate Brokers
-------------------------------------- ----------------------------------------------------
Morgan Stanley
Andrew Foster
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
Adam James Tristan Lovegrove
James Stearns +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
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END
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