Mexico's Penoles takes $530 million bank credit

MEXICO CITY, June 30 (Reuters) - Mexico's Penoles, the world's largest producer of refined silver, said on Monday it took a bank credit worth $530 million to pay down other debt.

Fifteen Mexican and foreign banks provided the credit, Penoles (PENOLES.MX) said.

"Considering the new credit as well as the replaced debt, Penoles' total long-term debt goes from $591.6 million to $666.6 million," the company said in a statement.

Penoles said the bank credit would be used to replace private placements from 1997 and 2006. (Reporting by Noel Randewich; editing by Carol Bishopric)