Petropavlovsk to redeem $140 million of its 7.125% convertible bonds

By Devika Patel

Knoxville, Tenn., Nov. 13 - Petropavlovsk plc said it will redeem its $140 million of 7.125% guaranteed convertible bonds at par plus interest up to, but excluding, the redemption date of Dec. 14.

Holders may convert their bonds at £7.24 per share any time before Dec. 8.

The remaining $139.9 million in bonds are being redeemed because their total value has traded above $150,000 for more than 20 of the last 30 trading days.

Petropavlovsk, formerly Peter Hambro Mining plc, is a London-based gold mining company that operates in Russia.

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