For the purpose of debt portfolio optimization VTB Bank has provided ALROSA Co. Ltd. with a USD 500 million facility maturing in 2 years. The Company will channel the funds into refinancing the current short-term debts under loans from Russian banks.
According to Valery Lukyanenko, Member of VTB Bank Management Board, “the funds will allow the company to reduce the share of short-term borrowings and at the same time cut debt service expenses.”
ALROSA Co. Ltd. is one of the largest diamond producers in the world, with its share in the global diamond output accounting for about 30 per cent. In 2009, ALROSA Group became the world leader in diamond recovery. Its rough diamond production totaled USD 34 billion.