REG - Polyus Finance PLC PJSC Polyus - 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 : 3291Z  Polyus Finance PLC  13 September 2022

13 September 2022

Polyus Finance Plc announces an update on coupon payments in respect of its
outstanding U.S.$500,000,000 4.70% Guaranteed Notes due 2024

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.

The reference is made to the 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").

Terms used but not otherwise defined herein have the meaning ascribed to them
in the terms and conditions of the Notes.

The Issuer hereby notifies the holders of the Notes that, in accordance with
applicable provisions of the laws of the Russian Federation and the terms of
the Notes  now in effect, on 19 July 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 respect of coupon payments to the holders of the Notes the rights to which
are recorded in foreign depositories (the "Offshore Noteholders"), on 29 July
2022, the Issuer is considered to fulfill its obligation to pay under the
terms of the Notes by transferring the funds denominated in U.S. Dollars to
The Bank of New York Mellon, London Branch acting as paying agent in respect
of the Notes (the "Paying Agent") as a coupon payment (the "29 July Coupon
Payment") for the subsequent transfer of such funds to the Clearing Systems
for onward payment to the Offshore Noteholders. Despite instructions and
active attempts of the Issuer to reach out to the Paying Agent, the Issuer has
not received a confirmation from the Paying Agent that the Paying Agent has
transferred 29 July Coupon Payment to the Clearing Systems for onward payment
to the Offshore Noteholders in accordance with the Paying Agency Agreement.
The Issuer continues to provide full cooperation and support to the Paying
Agent, including providing full information at the disposal of the Issuer
necessary for the Paying Agent.

Given the Issuer did not receive the confirmation of the transfer of the 29
July Coupon Payment to the Clearing Systems for onward payment to the Offshore
Noteholders and in accordance with the terms of the Trust Deed, on 12
September 2022 the Issuer made an additional transfer of the 29 July Coupon
Payment to the order of I2 Capital Trust Corporation Ltd acting as a trustee
under the Notes (the "Trustee"). The Issuer successfully transferred the 29
July Coupon Payment to the Trustee within the applicable grace period and is
considered to have effectively fulfilled its obligation to pay the 29 July
Coupon Payment twice 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 expects that the 29 July
Coupon Payment will be transferred to the Clearing Systems for onward payment
to the Offshore Noteholders either by the Paying Agent or the Trustee.

The Issuer treats the interests of all its holders of the Notes equally and is
fully capable and committed to fulfil its payment obligations in respect of
the Offshore Noteholders. The Issuer will continue to make every effort to
facilitate the coupon payments by the Paying Agent. The Issuer will provide
further updates in case the Issuer receives the confirmation from the Paying
Agent.

Forward-looking statements

This announcement may contain "forward-looking statements" concerning 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 group's operations. Many of these risks
and uncertainties relate to factors that are beyond 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. The Issuer 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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