By Angela McDaniels
Tacoma, Wash., June 18 – GeoProMining Investment (CYP) Ltd. issued $300 million of 7¾% notes due 2024 through subsidiary Karlou BV, according to a prospectus.
The joint lead managers for the Regulation S notes (/expected B+/expected B+) were Citigroup Global Markets Ltd., GPB-Financial Services Ltd., Sberbank CIB (UK) Ltd. and VTB Capital plc.
The notes have a make-whole redemption option. They are putable at 101 upon the occurrence of some events.
Proceeds will be used for debt refinancing and other general corporate purposes.
The GeoProMining group is a metals and mining company specializing in gold, copper, antimony, molybdenum and silver. Its head office is located in Limassol, Cyprus, and its mines are located in Armenia and Russia.
| Issuer: | Karlou BV
|
| Guarantors: | GPM Armenia BV, CJSC Agarak Copper Molybdenum Combine LLC, GeoProMining Gold LLC, GeoProMining Verkhne Menkeche JSC, Sarylakh-Surma and JSC Zvezda
|
| Amount: | $300 million
|
| Maturity: | June 18, 2024
|
| Managers: | Citigroup Global Markets Ltd., GPB-Financial Services Ltd., Sberbank CIB (UK) Ltd. and VTB Capital plc
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Call option: | Subject to make-whole payment
|
| Put option: | At 101 upon occurrence of specified conditions
|
| Pricing date: | June 14
|
| Settlement date: | June 18
|
| Distribution: | Regulation S
|
| Expected ratings: | S&P: B+
|
| Fitch: B+
|
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