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Published on 4/13/2018 in the Prospect News Convertibles Daily and Prospect News Liability Management Daily.

Polyus to buy $50 million of tendered 1% convertibles at 86.7

By Wendy Van Sickle

Columbus, Ohio, April 13 – Polyus Finance plc will accept tenders of $50 million of its $250 million of 1% guaranteed convertible bonds due 2021 at a final buyback price of 86.7, the company said in a news release.

The company tendered for up to $50 million of the convertibles in an offer that was carried out via a reverse bookbuilding modified Dutch auction, as announced on April 12.

Bonds submitted under valid tender instructions that specified a purchase price below the final buyback price will be accepted in full.

Bonds submitted under valid tender instructions that specified a purchase price equal to the final buyback price will be accepted on a pro rata basis.

No bonds submitted under tender instructions that specified a purchase price above the final buyback price will be accepted.

The company will also pay accrued interest to but excluding the settlement date, which is expected to be April 18.

The deadline to submit offers to sell with a purchase price was 11:45 a.m. ET on April 13.

In announcing the buyback offer, Polyus said that the current “market dislocation and volatility” creates an opportunity for “timely liability management.”

J.P. Morgan Securities plc (+44 20 7134 2650 or Eql_LM@jpmorgan.com) is dealer manager for the offer, which is being conducted under Regulation S.

The convertibles are guaranteed by PJSC Polyus and JSC Polyus Krasnoyarsk.

Polyus is based in Moscow and is the largest gold producer in Russia.


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