Petropavlovsk to place $500 mln Eurobonds at 8.125%

MINEX FORUM | November 8, 2017 | Views: 89

Petropavlovsk PLC (LON:POG) has announced that its subsidiary Petropavlovsk 2016 has set the issue price of its US$500mln loan notes at 100%, allowing the company to refinance its debt.

The notes have an 8.125% interest due on 14 November 2022. The interest will be payable semi-annually in arrears on May 14 and November 14 each year, beginning in May next year.

The gold producer said they will be issued on or around November 14 and it intends to use the net proceeds of the offering to refinance loans provided by Sberbank and VTB Bank.

Chairman Ian Ashby said: “The successful pricing of the issue demonstrates the market’s confidence in our development projects and completion will significantly improve the capital profile of the group.”



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