| 03.11.2009 - RBC
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Alrosa repaying debts
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Alrosa has applied USD 620m it received from the sale of its stakes in Geotransgas and Urengoy Gas Company towards debt repayment, the Russian diamond producer announced in a statement today.
The sale of non-core assets is part of the company's program on the reduction of Alrosa's loan portfolio. As a result of the sale, the company's debt went down RUB 30bn (approx. USD 1.03bn) in the third quarter of the year.
Earlier, Alrosa announced that it was poised to bring its loan portfolio down to RUB 3.86bn (approx. USD 132m).
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Issuer profile:
ALROSA is Russia's major company dealing with exploration, mining, cutting and sales of diamonds. It is one of the largest diamond producers in the world, whose share in the global production is about 25 percent.
In 2003 the company produced diamonds totaling $1.65bn. The volume of sales of core products amounted to $1.82bn in 2003, including brilliants totaling $123.4m. ALROSA plans to mine diamonds totaling $1.86bn in 2004. The main shareholders in ALROSA are the Property Ministry of Russia (37 percent of the shares), and the State Property Ministry of the Republic of Yakutia (32 percent).
ALROSA Co. Ltd. was set up under Decree 158C of the President of the Russian Federation 'On the Establishment of the Almazy Rossii-Sakha Joint Stock Company' signed on 19 February 1992. It is Russia's largest diamond company engaged in exploration, mining, manufacture and sales of diamonds and one of the world's major rough diamond producers. Geological surveys indicate that the company has sufficient diamond reserves to maintain production at the current level for the next 50 years.
Outstanding issues:
2 issue(s) outstanding worth USD 1 500 000 000
4 issue(s) outstanding worth RUR 26 000 000 000
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