Russia's Petropavlovsk seeks to restructure debt with sanction-hit Gazprombank (updated)

Polymetal International PK

30/03/2022 08:00

(Adds details and background)
    March 30 (Reuters) - Russian gold miner Petropavlovsk
 POG.L  is in early talks with lender Gazprombank  GZPRI.MM  to
restructure its debt with the sanction-hit Russian bank, it said
on Wednesday.
    The potential restructuring comes as borrowers face hurdles
in repaying the interest on their debts due to Western sanctions
on Russian banks over the Ukraine crisis. 
    Britain last week expanded its sanctions against several
entities, including Gazprombank, one of the main channels for
payments for Russian oil and gas.
    London-listed miner Petropavlovsk has a $200 million
committed term loan with Gazprombank and around $87 million in
credit lines, interest of which had not been paid due to
sanctions.
    Petropavlovsk said another $500 million of guaranteed notes
issued by the miner, of which $304 million remains outstanding,
will mature in November and any potential restructuring of its
debt would be within the limitations imposed by the sanctions.
    Separately, another London-listed precious metals miner,
Polymetal  POLYP.L , said on Wednesday it was re-evaluating its
liquidity, including its dividend recommendation due to
regulatory and funding uncertainties.    

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil
D'Silva)
 ((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa;
 +919742735150;))