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ALROSA Repays $450M Bank Debt From Gas Assets Sale Proceeds

Russian state-controlled diamond miner ALROSA announced that it had made an early repayment of $450 million in short-term bank debt with money from the sale of its gas assets in February this year.

A loan of $250 million was repaid to Rosbank and another of $200 million to  Raiffeisenbank. Both loans were raised in December last year. ALROSA said that the repayments have reduced its debt by more than 27 percent to $1.17 billion.

ALROSA Chief Financial Officer Alexey Philippovskiy stated, "As part of the efforts to improve liquidity management, ALROSA repaid short-term bank loans for a total of $450 million ahead of schedule. The resulting savings on interest payments would amount to $9 million, positively impacting ALROSA's financial performance in 2018.”

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