Alrosa Cancels Eurobond Float, Takes $1.6 Billion Loan

Russian diamond miner Alrosa took a 44.2 billion-ruble ($1.6 billion) loan, the state-controlled VTB bank said on Friday. The 600 days loan was taken to refinance the company's short-term foreign and domestic debts, RIA Novosti reported.

Alrosa planned to float Eurobonds, however the plan, scheduled for November, was shelved do to the global financial crisis.