Uralkali has signed a loan agreement worth 171 million euros ($236 million) to finance construction at its Ust-Yayvinsky mine, the world's largest potash miner by output said Wednesday.
UniCredit and DZ Bank made the 14-year loan at a rate based on three-month Libor, it said.
"This deal further diversifies Uralkali's loan portfolio and prolongs its average maturity," the firm's acting chief executive Viktor Belyakov said.
Uralkali, whose net debt was $2.7 billion at the end of June, said in September it would apply for a $400 million credit line and a five-year loan of up to $994 million to refinance its loans.
The company plans to ramp up production to 15 million tons a year from 13 million by 2020 as part of a strategy to offset lower global potash prices.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
