OREANDA-NEWS. Sberbank CIB has organised the provision of a 7-year non-revolving line of credit worth USD 2.5 bln for PJSC Polyus Gold. The facility agreement was signed on January 25, 2016. Funds from the line of credit will be available from March 11, 2016.

Among other things the funds will be used as part of the programme to buy back Polyus Gold's shares and American depository receipts (ADRs).

Mikhail Stiskin, Senior Vice President for Finance and Strategy, Polyus Gold, commented: "This financing will help us approach our goals and continue to implement the company's share buyback programme during a challenging period for the commodities sector. We thank the Sberbank CIB team for their professional work on organising the credit line and their willingness to provide comprehensive service for their corporate and investment banking products."

Yan Veytsman, Head of the Metals & Mining Division, Client Management Department, Managing Director, Sberbank CIB, commented: "Polyus Gold Group is one of the most efficient gold producers in the world and a long-standing partner with whom we have a number of projects. This is one of the largest deals in the gold sector for the last few years. When working with leading global companies we are always delighted to offer first-class service and highly flexible financial solutions. I am certain that this transaction will serve to further develop the mutually beneficial partnership between our companies."