By Razak Musah Baba
LONDON--Precious metals producer Polymetal International PLC (POLY.LN) said Monday it has entered into a five-year facility agreement with JSC Sberbank of Russia worth $400 million in total.
The funds to be drawn down under the agreement will be used to repay the group's existing loans and finance ongoing operations, it said.
"This new borrowing facility will result in a significant improvement of the group's debt maturity profile now extending to more than three years", the company added.
Polymetal shares in London closed Friday at 534 pence, valuing the company at 2.08 billion pounds ($3.40 billion).
Write to Razak Musah Baba at email@example.com; Twitter: @Raztweet
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(END) Dow Jones Newswires
December 02, 2013 03:01 ET (08:01 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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