On May 6, 2003ALROSA Co. Ltd. successfully placed its $500 million 5-year Eurobond issued by ALROSA Finance S. A. (Luxemburg). Total net proceeds from the Issue amounted to $494 980 000.

As was planned, the proceeds have been channelled to repay ALROSA’s short and medium-term debts to Russian and international banks.

From May 7 to June 16 ALROSA repaid loans to 14 banks, as well as paid off the sixth and seventh issues of its Ruble-denominated bond. The total amount repaid by ALROSA was $491 480 000.