Petropavlovsk secures crucial funds

摘要

Russian gold miner petropavlovsk secured crucial funds in the bond market last Tuesday, in a deal that could mark a turning point for the Single B company. The US$500m raised through a five-year note issue was a key target for the issuer, with the money to be used to refinance an equivalent amount of amortising loans with Sberbank and VTB. These loans have strict covenants in place.