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Petropavlovsk receives US$57M bridge loan repayment from IRC

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Petropavlovsk receives US$57M bridge loan repayment from IRC

Petropavlovsk PLC received about US$57 million worth of Russian rubles as full repayment of two bridge loans advanced to associate IRC Ltd. in 2018, following the latter's recent debt refinancing.

The company said March 25 that IRC will also pay a US$6 million guarantee fee, and a further US$5 million is payable by March 31, 2020. Petropavlovsk shareholders voted in favor of the deal earlier in the month.

IRC also recently refinanced an outstanding loan with Industrial & Commercial Bank of China Ltd. following an initial US$172 million drawdown by IRC unit Kimkano-Sutarsky Mining and Beneficiation Plant LLC from a US$240 million facility with Gazprombank OJSC.

IRC is focused on ramping up operations at its K&S iron ore mine in Russia.

As of March 22, US$1 was equivalent to 64.65 Russian rubles.