Update on coupon payments in respect of 2028 NotesSource: RNS
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Press Release 30 November 2022
Update on coupon payments in respect of 2028 Eurobonds
PJSC Polyus (LSE, MOEX - PLZL) ("Polyus", or the "Company") notes the announcement made earlier by Polyus Finance plc (the "Issuer"), an indirect wholly-owned finance subsidiary of the Company incorporated under the laws of England and Wales, about an update on coupon payments in respect of its outstanding U.S.$700,000,000 3.25% Guaranteed Notes due 2028 issued by the Issuer and guaranteed by PJSC Polyus and JSC Polyus Krasnoyarsk (the "Notes").
Under the terms of the Notes, on 28 November 2022 the Issuer transferred the funds to the account of i2 Capital Trust Corporation Ltd, acting as a trustee under the Notes (the "Trustee"), as coupon payments for the subsequent transfer of such funds to the clearing systems for onward payment to the holders of the Notes the rights to which are recorded in foreign depositories (the "Offshore Noteholders"). The Issuer acted in the best interest of its bondholders and completed the transfer of funds to the Trustee on time and is considered to have fulfilled its obligations under the terms of the Notes. The Trustee is seeking written confirmation from the relevant clearing systems that such funds can be transferred to them from the Trustee.
The Issuer now expects that the funds would be transferred by the Trustee to the clearing systems for onward payment to the Offshore Noteholders once the written confirmation from the relevant clearing systems is received.
As a reminder, in October 2022 JSC Polyus Krasnoyarsk transferred the funds denominated in Russian rubles to National Settlement Depository as coupon payments for the subsequent transfer of such funds to the holders of the Notes the rights to which are recorded in Russian depositories, in line with the requirements of the Russian regulations presently in force and terms of Notes now in effect.
The Issuer confirms its commitment in respect to all outstanding Eurobonds and will continue its efforts to facilitate the coupon payment to its bondholders. The Issuer will provide further updates in case there are developments with facilitating the coupon payments.
Polyus is a Top-5 global gold mining company by production volumes and the largest gold miner in terms of attributable gold ore reserves. The Company has the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Investor and Media contact
Victor Drozdov, Director Communications & Investor Relations (CIR) Department
+7 (495) 641 33 77
This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.