REG - PJSC Polyus Polyus Finance PLC - Update on coupon payments in respect of 2024 Notes

Bank Of New York MellonAnnouncement

13/09/2022 18:00

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RNS Number : 3312Z  PJSC Polyus  13 September 2022

 

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Press
Release
                13 September 2022

PJSC Polyus

Update on coupon payments in respect of 2024 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.$500,000,000 4.70% Guaranteed Notes due 2024 issued by the
Issuer and guaranteed by PJSC Polyus and JSC Polyus Krasnoyarsk (the "Notes").

On 29 July 2022, the Issuer fulfilled its obligation and transferred the funds
denominated in U.S. Dollars to The Bank of New York Mellon, London Branch
acting as a paying agent in respect of the Notes (the "Paying Agent"). The
Issuer expected the Paying Agent to make coupon payments to the holders of the
Notes, the rights to which are recorded in foreign depositories (the "Offshore
Noteholders"), in accordance with the Paying Agency Agreement. Despite
instructions and active attempts of the Issuer to reach out to the Paying
Agent, the Issuer has not received confirmation that the Paying Agent has
transferred the coupon payments to the Offshore Noteholders as of the date of
this announcement.

The Issuer informed i2 Capital Trust Corporation Ltd acting as a trustee under
the Notes (the "Trustee") that the Paying Agent has not completed the coupon
payments to the Offshore Noteholders. Under the terms of the Notes the Issuer
was instructed to transfer the funds to the Trustee account for the subsequent
transfer of such funds to the clearing systems for onward payment to the
Offshore Noteholders. The Issuer acted in the best interest of its bondholders
and effectively duplicated the coupon payments to the Offshore Noteholders,
completing the transfer of funds to the Trustee on time and fulfilling 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 to the  clearing
systems for onward payment to the holders of the Notes either by the Paying
Agent or by the Trustee.

As a reminder, JSC Polyus Krasnoyarsk (the "Guarantor") transferred the funds
denominated in Russian rubles to National Settlement Depository ("NSD") 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, on 19
July 2022, 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 the Issuer receives the
confirmation from the Paying Agent.

Polyus

Polyus is the world's fourth-largest 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

drozdovvi@polyus.com (mailto:drozdovvi@polyus.com)

 

Forward-looking statements

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.

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