OREANDA-NEWS. Uralkali (Company; LSE: URKA), one of the world's leading potash producers, has signed an agreement with Promsvyazbank to open a USD 250 million credit line with a 10-year payback period.

The funds will be provided on an unsecured basis. The money will be used to refinance Uralkali's current liabilities and to finance existing investments.

Viktor Belyakov, Uralkali CFO, commented:

“This new unsecured credit line demonstrates the ability of Russian financial institutions to provide long-term loans to Russian borrowers. Currently, Uralkali does not plan to increase its leverage; however, we continue to develop relationships with financial partners in order to receive funding on the most favorable terms. The funding secured within this transaction will make it possible for us to refinance part of our current liabilities, reduce financing costs and increase the average tenor and the amount of unsecured loans in our portfolio”.