Polyus confirms results of capped offer to buy notes due 2022, 2023 and 2024

By Rebecca Melvin

Concord, N.H., Oct. 8 – PJSC Polyus confirmed the indicative results of an increased offer to buy $650 million principal amount of notes from three series issued by Polyus Finance plc and guaranteed by JSC Polyus Krasnoyarsk, according to a notice.

The company initially expected to buy $500 million of the notes in its Sept. 28 offer, and it announced indicative results on Thursday.

As of the offers’ expiry at 1 p.m. ET on Oct. 5:

• All $457,793,000 of tendered 5¼% guaranteed notes due 2023 (ISINs: XS1533922933, US73180YAC84) was accepted in full; and

• $147.53 million of tendered 4.7% guaranteed notes due 2024 (ISINs: XS1713474325, US73181LAA98) was accepted.

The issuer did not accept any tenders of 4.699% guaranteed notes due 2022 (ISINs: XS1405766384, US73180YAB02).

The purchase price for the 2022 notes would have been $1,020 per $1,000 note. Of the $500 million originally issued, $482,806,000 principal amount of 2022 notes is outstanding.

The purchase price for the 2023 notes is $1,058.75 per $1,000 note. Of the $788 million that had been outstanding, there is $330,007,000 principal amount of the 2023 notes left outstanding.

The purchase price for the 2024 notes is $1,077.50 per $1,000 note. Of the $470,134,000 principal amount that had been outstanding there is $322,604,000 principal amount of the 2024 notes left outstanding

Interest will also be paid to the settlement date.

The purpose of the offer is for the group to extend its existing debt maturity profile and lower its cost of funding.

Settlement is planned for Oct. 19.

The offeror, Polyus Capital plc, announced results soon after the pricing of a new issue of $700 million seven-year senior unsecured and unsubordinated guaranteed debentures.

Bank GPB International SA (+7 499 271 9154, +7 495 988 2353, Liability.management@gazprombank.ru), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com), Renaissance Securities (Cyprus) Ltd. (+357 22 360 000, SyndicateDCM@rencap.com), Sberbank CIB (UK) Ltd. (liability_management@sberbank-cib.ru) and VTB Capital plc (+44 203 334 8029, liability.management@vtbcapital.com) are dealer managers for the offers.

Lucid Issuer Services Ltd. (polyus@lucid-is.com, https://deals.lucid-is.com/polyus) is the information and tender agent.

London-based Polyus is a gold producer with mines in Russia and Kazakhstan.

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