Sberbank CIB, the corporate and investment banking business of Sberbank, has signed two loan agreements with Vysochaishy PJSC (GV Gold).
The first agreement opens a non-revolving credit line worth $100 mln for the company, which will be provided for five years. This deal will enable the company to make a significant cut to the group’s debt financing costs.
The second agreement involves opening a three-year revolving credit line with a limit of RUB 3 bln. These funds will be used by the company to finance the day-to-day operations of Vysochaishy PJSC and its subsidiaries.
Yan Veytsman, Managing Director, Head of the Metals and Mining Division of Sberbank, commented: “The signing of these credit lines with Vysochaishy PJSC is the next stage in cooperation between our companies. We highly value our partnerships and are always ready to provide first-class service and highly flexible financial solutions. I am certain that these deals will serve to strengthen our mutually beneficial cooperation.”
Sergey Gostev, Deputy CEO for Economics and Finance at Vysochaishy PJSC, said: “For more than 10 years GV Gold Group has consistently delivered excellent financial results. The start of cooperation with Sberbank is a testament to our correctly chosen corporate development path. We are grateful for the trust that Sberbank has placed in us and hope that this is the start of a fruitful, long-term relationship.”
Vysochaishy PJSC (GV Gold) is one of the top ten largest gold producers in Russia. In 2016 the company produced 5.1 tonnes (164,000 troy ounces) of gold.
Sberbank CIB1 is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.