ALROSA prepays $450 million of bank loans
Moscow, 12 March 2018 – PJSC ALROSA, the global leader in diamond production, prepaid USD 450 million of bank loans.
ALROSA made an early repayment of a USD 250 million loan from Rosbank and a USD 200 million portion of the existing Raiffeisenbank loan, both raised in December 2017, reducing its debt by more than 27% to USD 1.17 billion.
The bank loans were repaid with the cash proceeds received from the Company's auction sale of gas assets in February 2018.
"As part of the efforts to improve liquidity management, ALROSA repaid short-term bank loans for a total of USD 450 million ahead of schedule. The resulting savings on interest payments would amount to USD 9 million, positively impacting ALROSA's financial performance in 2018," – said Alexey Philippovskiy, Deputy CEO – Chief Financial Officer of ALROSA.