Russia's Nord Gold signs $500 mln facility to repay existing debt

MOSCOW, March 17 Mon Mar 17, 2014 3:09am EDT

MOSCOW, March 17 (Reuters) - Russian gold miner Nord Gold has signed a $500 million five-year facility agreement with Sberbank CIB to pay off an existing debt, the company said in a statement on Monday.

Nord Gold, controlled by businessman Alexei Mordashov, plans to use the proceeds to repay its existing debt facility of $465.5 million, it added. (Reporting by Polina Devitt, editing by Elizabeth Piper)