NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
PJSC Polyus (MOEX: PLZL) ("Polyus" or the "Company") notes the announcement made earlier by Polyus Finance plc (the "Issuer"), an indirect wholly-owned 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.$500,000,000 4.70% Guaranteed Notes due 2024 and U.S.$700,000,000 3.25% Guaranteed Notes due 2028 (together, "Notes") issued by the Issuer and guaranteed by PJSC Polyus and JSC Polyus Krasnoyarsk (each a "Guarantor" and together the "Guarantors").
Due to Alternative Payment Currency Event occurrence in the opinion of Guarantors (as indicated in the terms of the Notes) all payments to the holders of the Notes which rights are recorded in foreign depositories (the "Offshore Noteholders") shall be made in Russian roubles.
Under the terms of the Notes a Guarantor was instructed to transfer the funds (the "Funds") in Russian roubles (equivalent to all outstanding coupon payments to the Offshore Noteholders to the account of Legal Capital Investor Services LLC, 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 Offshore Noteholders. On such Trustee’s instruction a Guarantor transferred the Funds to the Trustee.
Thus, acting in the best interest of its bondholders the Issuer 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.
Guarantor may give a request to the Trustee to refund all of the Funds (or part of the Funds, excluding any amount transferred by the Trustee to a clearing system or otherwise to the Offshore Noteholders):
- upon the occurrence of the earlier of:
- an announcement by the Issuer, a Guarantor or the Trustee that a Guarantor will pay the coupon directly to the Offshore Noteholders, including to a type "D" account or in any other way as permitted by the Russian legislation, or
- the date which is three (3) calendar months after the date when the Funds are paid by Polyus to the Trustee; or
- upon a demonstration by the Guarantor to the Trustee (e.g. by providing an executed payment order) that the Guarantor has paid directly (including to a type "D" account or in any other way as permitted by the Russian legislation) to any Offshore Noteholders any amount which relates to a part of the Coupon and an equivalent amount was paid to the Trustee as part of the Funds
The Issuer confirms its commitment in respect to all outstanding Eurobonds. The Guarantors will provide full cooperation and support to the Trustee to facilitate the coupon payment acting in the interests of all its bondholders equally.
The Issuer will provide further updates in case there are developments with facilitating the coupon payments.
Polyus
Polyus is a Top-5 global gold mining company by production volumes and one of 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).
Enquires: Investor and Media contact
Capital Markets Department
+7 (495) 641 33 77
IR@polyus.com
Forward looking statement
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 of the date of this announcement. Polyus and/or any Polyus Company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.