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Petropavlovsk agrees refinancing

30 November 2016 15:53

Petropavlovsk has received approvals for the refinancing of the group's entire bank debt totalling US$529.8 million with the lending banks, Sberbank (75% of total bank debt) and VTB (25% of total bank debt).

The approved terms include a revised maturity profile from May 2018 to September 2022 (inclusive of option to extend the 2019 maturity payment to 2022 upon certain conditions being satisfied) and effective average interest rate of c.8%.

Petropavlovsk says the extended maturity profile of borrowings is now successfully aligned with the company's production profile, expected cash generation and growth capital expenditure plans.

At 3:53pm: (LON:POG) Petropavlovsk PLC share price was +0.42p at 7.24p

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