ARMENIA BEGINS TO REDEEM RUSSIA’S $500 MLN LOAN AHEAD OF SCHEDULE
Prime-Tass English-language Business Newswire, Russia
October 3, 2013 Thursday 2:06 PM EET
MOSCOW Oct 3
Armenia has begun to repay a 15-year U.S. $500 million loan taken
out from Russia in 2009 ahead of schedule, Finance Minister David
Sargsyan said on Thursday, RIA Novosti reported.
The amount of the first tranche was not disclosed.
The debt to Russia will be repaid using the funds raised from the
placement of a $700 million seven-year Eurobond issue on September 19.
Armenian Prime Minister Tigran Sargsyan said in late September that
Yerevan had already repaid $40 million of the loan.
The interest rate on the loan was set at LIBOR +3%.
Armenia will allocate $44 million annually for the repayment of its
foreign debt.
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