GV Gold continues it's cooperation with Sberbank
GV Gold opens a non-revolving credit line for USD 100 million in Sberbank with the 5 years credit term. The deal will provide for decreasing debt financing costs and improving the Group’s credit portfolio significantly.
The second agreement provides for revolving credit line opening with the RUB 3 billion limit and the 3 years term. Raised funds will be channeled to the current GV Gold Group financial and economic activity.
Sergey Gostev, Deputy CEO for Economics and Finances, GV Gold:
“Over a period of more than 10 years, GV Gold Group has been demonstrating high financial performance. A start of cooperation with Sberbank proves that we’ve chosen a correct route of corporate development. We appreciate the confidence given to us and hope for a fruitful long-term cooperation.”
Eugeny Eliseev, Deputy Chairman of Baikal Bank of Sberbank:
“Our bank renders active support to gold mining industry enterprises. In the context of financing, we take into account all peculiarities of the company business. GV Gold is a significant client for Baikal Bank. We understand, that having provided a credit to this enterprise, we promote a development of the regions, where the company operates.”
As at August 31, 2017, the total debt of GV Gold amounted to USD 175 million.