Russia’s Nornickel opens $2.5 bln credit line for refinancing

Norilsk Nickel operates some of the richest mines in platinum, palladium and nickel. (File image)

MOSCOW, Dec 18 (Reuters) – Russian nickel and palladium producer Norilsk Nickel has opened a five-year credit line worth up to $2.5 billion with a syndicate of international banks, Norilsk said in a statement on Monday.

The proceeds will be used for refinancing existing debt, financing capital expenditure and general corporate purposes, it added.

“The company has achieved one of the lowest interest rates of one-month Libor+1.50 percent per annum available for Russian corporates on international syndicated markets since 2008 for transactions of such size and term,” Sergey Malyshev, Chief Financial Officer, said in a statement.

(Reporting by Polina Devitt; editing by David Evans)