Polymetal agrees 7 year extension on loan facility

Polymetal International said it had extended its existing $400m credit facility with Sberbank for seven years.

This instrument has now been extended on the same key terms with an adjustment of the interest rate in line with the more competitive current market rates, Polymetal said.

Furthermore, Polymetal had entered into a strategic partnership agreement with Sberbank on broader cooperation in banking and related services, the company said.

"This is an excellent deal for Polymetal. We are significantly extending the maturity profile of our debt portfolio while maintaining low interest costs. This is an important milestone in strengthening and developing our relationship with Sberbank" said Vitaly Nesis, group CEO of Polymetal.