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ALROSA Redeems $500M in Eurobonds

Nov 18, 2014 6:52 AM   By Ronen Shnidman
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RAPAPORT... ALROSA, the Russian diamond miner, announced it had paid off $500 million of outstanding company Eurobonds, reducing its debt-load to $3.7 billion.

The bonds were originally issued by the company between November 2004 and January 2005 with a fixed coupon yield of 8.875 percent. ALROSA's next Eurobond series totals $1 billion and will mature in the fourth quarter of 2020.

Previously, ALROSA’s management had noted that macroeconomic difficulties in Russia, caused by Western sanctions related to the Ukraine crisis, might make it difficult for the company to refinance part of its debt.

The rest of ALROSA's corporate bond debt is denominated in the Russian ruble, which has depreciated 42 percent to an exchange rate of 46.81 to the U.S. dollar since the beginning of the year. 
Tags: Alrosa, Eurobonds, finance, Ronen Shnidman, rough diamond, sanctions
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