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Russia's Alrosa to raise up to $1.7 bln in loans
April 29, 2014 / 2:11 PM / 4 years ago

Russia's Alrosa to raise up to $1.7 bln in loans

MOSCOW, April 29 (Reuters) - Russian state-controlled diamond mining company Alrosa plans to raise up to $1.7 billion in loans from Russian banks VTB and Alfa bank, the company said on Tuesday.

Shareholders of Alrosa, the world’s top producer by output in carats, will consider raising up to $1 billion loan from VTB and $720 million from Alfa Bank during their annual general meeting on June 28.

The proceeds will be used partly to refinance existing debt, it said in a statement.

Alrosa, which is due to repay $1.3 billion debt between April 1 and the end of 2014, has previously planned to get cash for refinancing from the sale of its oil and gas assets to Russian oil giant Rosneft for $1.4 billion.

Their deal could be formally be completed by April 30 but will be delayed as both companies plan to hold one-year joint exploration programme to confirm gas reserves of these assets, Alrosa said earlier this month. (Reporting by Diana Asonova; Writing by Polina Devitt; Editing by John Stonestreet)

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