Petropavlovsk begins tender offer for up to $60 million 8 1/8% notes

By Rebecca Melvin

Concord, N.H., Nov. 24 – Petropavlovsk plc subsidiary Petropavlovsk 2016 Ltd. launched a tender offer for up to $60 million of its 8 1/8% guaranteed notes due 2022 (ISIN: XS1711554102), according to a notice.

The tender offer pertains only to the 8 1/8% notes issued under Regulation S and not for the Rule 144A global notes (US71675MAA45). There is $364,269,000 of the issue outstanding.

Tenders may be subject to proration if the offer is oversubscribed.

Noteholders will receive the full consideration of $1,035 per $1,000 note for notes tendered and not withdrawn by the tender’s expiration at 10 a.m. ET on Dec. 3.

The settlement date is Dec. 9.

The company is making the tender offer as a means to manage the group’s upcoming debt redemptions and to lower the cost of the group’s debt portfolio.

GPB-Financial Services Ltd. is the dealer manager (+7 495 913 7932, +7 499 271 9154, +7 495 988 2353, liability.management@gazprombank.ru) of the tender offer, and Citibank NA, London Branch is the tender and tabulation agent (+44 20 7508 3867, citiexchanges@citi.com).

Petropavlovsk is a London-based gold mining company with operations in Russia.

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