IRC Ltd. finished refinancing an outstanding loan with Industrial & Commercial Bank of China Ltd., or ICBC, following the initial US$172 million drawdown by IRC unit Kimkano-Sutarsky Mining and Beneficiation Plant LLC from a US$240 million facility with JSC Gazprombank.

IRC is an associate of Petropavlovsk PLC, which acted as the guarantor of the Gazprombank facility. IRC said March 19 that proceeds from the initial drawdown extinguished the principal indebtedness under the ICBC loan and provide working capital for the Kimkano-Sutarsky unit.

The undrawn amount will be partially used to repay Petropavlovsk for two bridge loans it extended to IRC in 2018 totaling US$57 million together with a US$6 million guarantee fee. The amounts will be drawn down on or around March 21.

IRC is also on the hook for a deferred US$5 million guarantee fee to Petropavlovsk, to be paid no later than March 31.