December 8, 2014 / 8:48 AM / 3 years ago

Russia's Petropavlovsk agrees refinancing with 62 pct of bondholders

MOSCOW, Dec 8 (Reuters) - Russia-focused gold miner Petropavlovsk has reached a refinancing agreement with 62 percent of holders of its $310.5 million convertible bonds, the company said on Monday.

The deal, which should be completed before the bonds mature in February 2015, will allow Petropavlovsk to cut its net debt to $700 million, it said.

The company also said its 2015 production target was increased to 680,000-700,000 troy ounces of gold. (Reporting by Polina Devitt; Editing by Maria Kiselyova)

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