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Home > Diamond News Center > Diamond News > Financial News

Alrosa Prepays $600 Million in Bank Loans, Reducing its Debt to $1.7 Billion

/ Financial News

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According to a press release by Russian diamond miner Alrosa, the company has prepaid $600 million in bank loans on February 28, 2017. The loans were received from VTB Bank in 2012 and extended in 2014 until October 2018. As a result, Alrosa reduced its loans and borrowings from $2.3 billion to $1.7 billion. 

Igor Kulichik, CFO of Alrosa, said: "As part of the conservative liquidity management policy, Alrosa prepaid long-term bank loans in the total amount of $600 million, which allowed us to reduce the average cost of debt and ensure a comfortable debt repayment schedule".

Last week, Alrosa reported that it sold 105 lots of rough and polished diamonds for a total of $21.8 million at the Sixth International Diamond Week in Israel (IDWI) in mid-February. The sale was headlined by “the Star of Viluysk”, a round-cut diamond weighing 80.59 carats. According to the report, “it is the largest diamond of a round cut with 57 facets manufactured by Diamonds Alrosa and one of the largest in the world in this segment”.

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