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IRC secures US$240M loan facility to refinance existing debt

IRC Ltd. said Dec. 19 that it secured a US$240 million facility from Gazprombank JSC that IRC will use to refinance an outstanding finance facility with Industrial and Commercial Bank of China and to repay Petropavlovsk PLC loans.

The facility will mature in 2026, and repayments will be skewed to the latter part of the loan term to better align with the ramp-up of the K&S iron ore mine in Russia.

Petropavlovsk, a shareholder in IRC, also extended a temporary loan of about US$27 million for IRC to meet its December repayment of the Industrial and Commercial Bank of China facility. Petropavlovsk also agreed to not seek repayment until Feb. 20, 2019, of an existing US$30 million bridge loan it granted IRC in June.