MOSCOW, June 29 (Reuters) - Russian precious metals miner Polymetal will issue 5 billion roubles ($160.7 million) of 3-year bonds to help refinance part of its $300 million short-term debt burden, the company said on Monday.

The issue of 5 million bonds with a nominal price of 1,000 roubles each has been approved by the board of Russia's biggest silver producer.

Last month, Polymetal's chief executive Vitaly Nesis told Reuters the company was looking to refinance its short-term debt, with options including extending existing loans, long-term syndicated loans as well as the issue of rouble or foreign currency bonds.

'As roughly half of the company's bank debt is short-term and denominated in roubles, and the terms of the public rouble debt market in Russia are improving, the board of directors took the decision to place bonds,' Polymetal said in a statement.

The placement will be carried out via open subscription, with coupons paid quarterly.

The rouble bond market has seen a bit of a revival in recent months thanks to the stabilisation of the national currency and an easing in inflationary pressures.

($1=31.11 roubles)

(Reporting by Polina Devitt, Writing by Toni Vorobyova) Keywords: POLYMETAL/

(antonina.vorobyova@reuters.com; Tel: +7495 7751242, Reuters Messaging: antonina.vorobyova.reuters.com@reuters.net)

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