Polymetal emerges from Russian sanctions rubble with loan switch

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By Michael Turner
25 Apr 2018

Mining company Polymetal has converted an existing $80m bilateral credit facility with ING into a sustainability-linked loan. It is the first loan market activity from Russia since the US announced a fresh round of sanctions against some of the country’s oligarchs.

Precious metals specialist Polymetal, which is not sanctioned, has entered into an agreement whereby if its progress on specific environmental, social and governance goals improves, the interest rate of the loan will decrease.

On the flip side, if Polymetal’s performance in these goals deteriorates, the company will ...

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