April 14, 2014 / 1:52 PM / 4 years ago

Russia's Polyus Gold unit gets $1-bln credit line

MOSCOW, April 14 (Reuters) - Russia’s largest gold producer Polyus Gold said on Monday that its subsidiary CJSC Polyus has entered into a 5-year credit facility agreement with Sberbank, Russia’s largest lender, for up to 36 billion roubles ($1 billion).

Polyus plans to use the proceeds to refinance its existing loans and for general corporate purposes, including financing capital investment projects, the company said in a statement.

“The facility will enable Polyus Gold to reduce the average interest rate on our debt and help secure the financing of our key capital investment projects, such as Natalka,” Pavel Grachev, Polyus interim chief executive, said in the statement. (Reporting by Polina Devitt, editing by Megan Davies)

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