Polyus gains consents to swap trustee for 3¼% guaranteed notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 9 – Polyus Finance plc gained the necessary consents to swap the trustee for its $700 million outstanding 3¼% guaranteed notes due 2028 (ISINs: XS2396900685, US73181LAB71), according to a notice.

Before the extended expiration time of 12 p.m. ET on Sept. 8, consents were obtained from holders of 77.07% of the principal amount of the outstanding notes.

Approval from holders of at least 75% of the principal amount of the outstanding notes was required.

As a result of obtaining the requisite consents, i2 Capital Trust Corp. Ltd. will act as the new trustee of the 2028 notes as of the effective time.

No consent fee will be paid.

Also, consequently the amendment and waiver of certain terms of the trust deed, paying agency agreement and terms and conditions of the 2028 notes have been approved by the written resolutions.

As previously reported, this consent solicitation was originally a part of a consent solicitation for three series of notes launched on July 20, but the company received sufficient consents for the other two series by the original July 27 deadline.

The consent deadline in this case was extended several times.

These consent solicitations came on the heels of the previous consent solicitation regarding the same notes, which expired July 14. As previously reported on July 1, the current trustee for three series of the issuer’s notes had notified the issuer on May 9 that it was unable to continue acting as trustee due to restrictions and sanctions on certain Russian companies and individuals, sovereign debt restrictions and other sanctions.

However, the consent solicitation regarding a replacement trustee for the 2028 notes failed to reach the required minimum of 75%, with Polyus only receiving consents from 65% of the noteholders in that case.

The information and tabulation agent was i2 Capital Markets Ltd. (+44 20 3633 1212, info@i2capmark.com, https://i2capmark.com/event-details/ 59/Holder/polyus-finance-plc).

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

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