Petropavlovsk gives results for capped tender offer of 8 1/8% notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 6 – Petropavlovsk plc subsidiary Petropavlovsk 2016 Ltd. announced that $101,855,000 of its 8 1/8% guaranteed notes due 2022 (ISIN: XS1711554102) were validly tendered by the offer’s expiration date at 10 a.m. ET on Dec. 3, according to a press release Monday.

The company will accept the tenders up to the announced $60 million cap. Therefore, the tendered notes are subject to a proration factor of 55%.

Noteholders will receive the full consideration of $1,035 per $1,000 note for notes tendered and not withdrawn by the tender’s expiration date.

Accrued interest will be paid to the settlement date which equals $5.642361 per $1,000 principal of the notes.

Settlement is expected to be Dec. 9.

Tendering noteholders whose notes were not accepted for purchase will have their notes returned via the relevant clearing system.

Following settlement, the remaining outstanding principal will be $304,269,000.

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

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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