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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Polymetal International Plc | LSE:POLY | London | Ordinary Share | JE00B6T5S470 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 215.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 ------------------ ------------------ -------------------- ------------------------------
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCLIFVETAITFIT
(END) Dow Jones Newswires
August 28, 2018 02:00 ET (06:00 GMT)
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