REG-Polymetal International plc Polymetal: New climate transition loans

Polymetal International PKAnnouncement

24/05/2021 07:05

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   Polymetal International plc (POLY)
   Polymetal: New climate transition loans

   24-May-2021 / 09:00 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Release IMMEDIATE                                                       
   time    LSE, MOEX, AIX: POLY / ADR: AUCOY
   Date    24 May 2021

    

    

   Polymetal International plc

   New climate transition loans

   Polymetal  has  agreed  US$  400  million  of  new   sustainability-linked
   financing with interest rates linked to the Greenhouse Gas (GHG)  emission
   intensity reduction targets. The financing consists of two loans  obtained
   from AO Raiffeisenbank and UniCredit.

   Raiffeisenbank will provide  a 4-year US$  200 million term  loan with  an
   accordion option  to increase  the total  commitments to  US$400  million,
   while UniCredit  will grant  a  5-year US$  200 million  revolving  credit
   facility.

   The two  loans  significantly contribute  to  the Company's  portfolio  of
   sustainability-linked and green  financing which  now amounts  to US$  680
   million and comprises approximately 40% of total debt.

   The financing incorporates an adjustment mechanism which links the pricing
   for the loans  to the Company's  progress on its  GHG intensity  reduction
   targets as  compared to  2019 baseline  year (Scope  1 and  2).  Polymetal
   recently published its  first Climate  Change Report  ( 1 link) setting  a
   strategic goal to reduce GHG emission intensity by 30% by 2030,  including
   the intermediate target of 15% by 2025.

   To achieve these goals, Polymetal has developed a comprehensive  programme
   that includes a wide range of projects, such as:

     • Development of own solar  and wind power plants  at or near  Polymetal
       operations;
     • Investment in grid  connections to  remote assets  and procurement  of
       electricity supplies with the lowest available carbon footprint;
     • Electrification of mobile mining fleet;
     • Continuous improvement of energy efficiency.

   "Fast-growing share  of  sustainability-linked  financing  in  Polymetal's
   overall  debt  portfolio   reflects  our  strong   focus  on   sustainable
   development  including  a  gradual  reduction  of  the  company's   carbon
   footprint. Combating climate  change by increasing  energy efficiency  and
   using renewable energy is among our strategic priorities, and the  company
   is actively  using ESG-linked  financing  instruments to  facilitate  this
   transition", said Maxim Nazimok, CFO of Polymetal.

   "Raiffeisenbank has in-depth expertise in financing sustainable  projects.
   Working with companies  dedicated to environmental  and social  governance
   principles is our key priority.  Polymetal has a significant portfolio  of
   sustainability-linked and green projects.  Recently the company  published
   its first Climate  Change Report setting  a strategic goal  to reduce  its
   carbon footprint. We're proud to have the confidence of such a partner  as
   Polymetal, and we will support the company in achieving ambitious plans of
   improving  environmental  conditions",  stated  Dmitry  Sredin,   Managing
   Director, Head of Large Corporate and IB Divisions at Raiffeisenbank.

   "The expertise  and  experience, that  we  bring to  the  Russian  market,
   integrates  the  best  practice  accumulated  in  sustainable  finance  by
   UniCredit internationally. We  know that  there is  no one  size fits  all
   solution and are  committed to always  deliver best-in-class products  and
   solutions to  our clients  based on  in-depth industry  knowledge and  our
   strong ESG competence. This deal with our long-standing customer Polymetal
   is a fantastic example of this  effort and of our continued  collaboration
   with our clients in  the transition to a  low-carbon economy", said  Vadim
   Aparkhov, Member of the Management Board of AO UniCredit Bank.

   About Polymetal 

   Polymetal International plc (together with its subsidiaries - "Polymetal",
   the "Company", or the "Group") is a top-10 global gold producer and  top-5
   global silver producer with assets  in Russia and Kazakhstan. The  Company
   combines strong growth with a robust dividend yield.

    

   Enquiries

       Media                          Investor Relations
                                  Polymetal
                                              2 ir@polymetalinternational.com
   FTI Consulting                 Evgeny
                          +44 20  Monakhov   +44 20 7887 1475 (UK)
   Leonid Fink            3727
                          1000    Timofey     
   Viktor Pomichal                Kulakov
                                             +7 812 334 3666 (Russia)
                                  Kirill
                                  Kuznetsov
       Joint Corporate Brokers         
                          +44 20
   Morgan Stanley & Co.   7425
   International plc      8000

   Andrew Foster                  RBC Europe
                                  Limited
   Richard Brown           
                                  Marcus     +44 20 7653 4000
   Panmure Gordon                 Jackson

   Daniel Norman                  Jamil Miah

   John Prior             +44 20
                          7886
                          2500

   Forward-looking statements

   This release may  include statements  that are, or  may be  deemed to  be,
   "forward-looking statements". These forward-looking statements speak  only
   as at the date  of this release. These  forward-looking statements can  be
   identified by the use of forward-looking terminology, including the  words
   "targets",  "believes",  "expects",  "aims",  "intends",  "will",   "may",
   "anticipates", "would", "could" or "should" or similar expressions or,  in
   each  case  their  negative  or  other  variations  or  by  discussion  of
   strategies, plans, objectives, goals,  future events or intentions.  These
   forward-looking statements  all include  matters that  are not  historical
   facts. By their nature, such forward-looking statements involve known  and
   unknown risks,  uncertainties  and  other  important  factors  beyond  the
   company's control  that could  cause the  actual results,  performance  or
   achievements of  the  company  to  be  materially  different  from  future
   results,  performance  or  achievements  expressed  or  implied  by   such
   forward-looking statements. Such forward-looking  statements are based  on
   numerous assumptions regarding the  company's present and future  business
   strategies and the environment  in which the company  will operate in  the
   future.  Forward-looking   statements  are   not  guarantees   of   future
   performance. There are many factors that could cause the company's  actual
   results, performance  or  achievements  to differ  materially  from  those
   expressed  in  such  forward-looking  statements.  The  company  expressly
   disclaims any  obligation or  undertaking to  disseminate any  updates  or
   revisions to any  forward-looking statements contained  herein to  reflect
   any change in the company's expectations with regard thereto or any change
   in events, conditions or  circumstances on which  any such statements  are
   based.

    

    

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   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   LEI Code:      213800JKJ5HJWYS4GR61
   Sequence No.:  106776
   EQS News ID:   1199646


    
   End of Announcement EQS News Service

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    3 fncls.ssp?fn=show_t_gif&application_id=1199646&application_name=news&site_id=refinitiv2

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=55f73de1e459dd21fab6ea31397e549f&application_id=1199646&site_id=refinitiv2&application_name=news
   2. mailto:ir@polymetalinternational.com


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