George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPLZL.L Regulatory News (PLZL)

  • There is currently no data for PLZL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

USD250 million Convertible Bonds Placement

22 Jan 2018 07:03

RNS Number : 4946C
PJSC Polyus
22 January 2018
 

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO AUSTRALIA, CANADA, JAPAN, THE RUSSIAN FEDERATION, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

 

 

 

 

Press Release 22 January 2018

 

PJSC Polyus

 

Polyus announces the placing of U.S.$250 million Senior Unsecured Guaranteed Convertible Bonds due 2021 to be issued by Polyus Finance PLC and guaranteed jointly and severally by PJSC Polyus (the "Company") and Joint Stock Company Polyus Krasnoyarsk (together the "Guarantors").

 

PJSC Polyus (LSE: "PLZL"; MICEX-RTS: "PLZL"), Russia's largest gold producer, has completed the offering (the "Offering") of U.S.$250 million principal amount of senior unsecured guaranteed convertible bonds due 2021 (the "Bonds"). The Bonds will be issued by Polyus Finance PLC (the "Issuer"), an indirect wholly-owned finance subsidiary of the Company incorporated under the laws of England and Wales, and will be guaranteed jointly and severally by the Guarantors. The total amount of the Guarantors'liability for any and all obligations assumed by the Guarantors in respect of or in connection with the guarantee will not in any case exceed U.S.$1.2 billion in aggregate. The Bonds are, subject to a cash settlement option at the discretion of the Issuer, convertible into Reg S Global Depositary Receipts ("GDRs") of the Company listed on the London Stock Exchange, with two GDRs representing one ordinary share of the Company.

 

The Issuer intends to use the net proceeds from the issue of the Bonds primarily for debt refinancing and other general corporate purposes of the Group.

 

The Bonds will carry a coupon of 1.00 per cent. per annum payable semi-annually in arrear. The initial conversion price has been set at U.S.$50.0427 per GDR, representing a conversion premium of 30 per cent. above the reference price of U.S.$38.4944 (being the volume weighted average price of a GDR between launch and the close of bookbuilding of the Bonds on 19 January 2018). The conversion price of the Bonds will be subject to standard convertible market anti-dilution adjustments.

 

The Bonds will be issued and redeemed at 100 per cent. of their principal amount and, unless previously redeemed, converted or purchased and cancelled, will mature on 26 January 2021 (the "Final Maturity Date"). The Issuer will have the right to elect to settle redemption of the Bonds on the Final Maturity Date entirely in cash, GDRs or with a combination of cash and GDRs. The Issuer will have the option to redeem all of the Bonds at any time after the date falling 21 days after the second anniversary of the closing date at their principal amount together with accrued interest, if the value of the GDRs deliverable on conversion of the Bonds exceeds 130% per cent. of the principal amount of the Bonds over a specified period.

 

Bondholders will have the right, subject to a cash settlement option at the discretion of the Issuer, to convert their Bonds into GDRs of the Company at any time starting from the 41st day after the issue date up to the close of business on the seventh London business day prior to the Final Maturity Date or if the Bonds shall have been called for redemption by the Issuer prior to the Final Maturity Date, the date falling seven London business days prior to the date fixed for redemption.

 

The Bonds will be offered and sold outside the United States in reliance on Regulation S of the US Securities Act 1933, as amended.

 

Prior to the first interest payment date, the Issuer undertakes to list the Bonds on a stock exchange or trading platform which enables the Bonds to qualify for the "quoted Eurobond exemption" under the UK Income Tax Act 2007.

 

The settlement of the Offering is expected to occur on or around 26 January 2018.

 

As was announced on 18 January 2018, the Company has launched a Eurobond roadshow starting on 19 January 2018 and ending on 23 January 2018. Following the Eurobond roadshow, and subject to market conditions, the Company may launch a benchmark Eurobond offering in the near future.

 

Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and SIB (Cyprus) Limited are acting as Joint Bookrunners in connection with the Offering, and, together with Gazprombank, are also acting as Joint Lead Managers.

 

Polyus Gold International Limited has entered into stock lending arrangements with Deutsche Bank AG, London Branch and J.P. Morgan Securities plc on 19 January 2018 in respect of GDRs representing approximately 1.9% of the Company's issued share capital for the purposes of facilitating investors' hedging activities.

 

Polyus

The Polyus group is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. Based on its 2016 Ore Reserves and Mineral Resources, the Polyus group ranks second by attributable gold reserves and third by attributable gold resources among the world's largest gold mining companies.

 

The Polyus group's principal operations are located in Krasnoyarsk, Irkutsk and Magadan

regions and the Sakha Republic (Yakutia).

 

Inside Information

This announcement contains inside information

 

Enquiries

 

Investor contact

Victor Drozdov, Director Investor Relations

+7 (495) 641 33 77

drozdovvi@polyus.com

 

Media contact

Victoria Vasilyeva, Director Public Relations

+7 (495) 641 33 77

vasilevavs@polyus.com

 

IMPORTANT NOTICE

NO ACTION HAS BEEN TAKEN BY THE ISSUER, THE GUARANTORS, THE JOINT BOOKRUNNERS OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE ISSUER, THE GUARANTORS AND THE JOINT BOOKRUNNERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES ACT")). THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL.

THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO, AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE "EEA") AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE ("QUALIFIED INVESTORS"). FOR THESE PURPOSES, THE EXPRESSION "PROSPECTUS DIRECTIVE" MEANS DIRECTIVE 2003/71/EC, AS AMENDED.

SOLELY FOR THE PURPOSES OF EACH MANUFACTURER'S PRODUCT APPROVAL PROCESS, THE TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS HAS LED TO THE CONCLUSION THAT: (I) THE TARGET MARKET FOR THE BONDS IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN DIRECTIVE 2014/65/EU, AS AMENDED ("MIFID II"); AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE BONDS (A "DISTRIBUTOR") SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERS' TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS (BY EITHER ADOPTING OR REFINING THE MANUFACTURERS' TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.

THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN THE PROSPECTUS DIRECTIVE. CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE "PRIIPS REGULATION") FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED ONLY TO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER") AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EEA OTHER THAN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT QUALIFIED INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).

THIS PRESS RELEASE AND INFORMATION CONTAINED HEREIN IS NOT AN OFFER, OR AN INVITATION TO MAKE OFFERS, TO SELL, EXCHANGE OR OTHERWISE TRANSFER SECURITIES IN THE RUSSIAN FEDERATION TO OR FOR THE BENEFIT OF ANY RUSSIAN PERSON OR ENTITY AND DOES NOT CONSTITUTE AN ADVERTISEMENT OR OFFERING OF SECURITIES IN THE RUSSIAN FEDERATION WITHIN THE MEANING OF RUSSIAN SECURITIES LAWS. INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED FOR ANY PERSONS WHO ARE NOT "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 51.2 OF THE FEDERAL LAW NO. 39-FZ "ON THE SECURITIES MARKET" DATED 22 APRIL 1996, AS AMENDED (THE "RUSSIAN QIS") AND MUST NOT BE DISTRIBUTED OR CIRCULATED INTO RUSSIA OR MADE AVAILABLE IN RUSSIA TO ANY PERSONS WHO ARE NOT RUSSIAN QIS, UNLESS AND TO THE EXTENT THEY ARE OTHERWISE PERMITTED TO ACCESS SUCH INFORMATION UNDER RUSSIAN LAW. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED IN RUSSIA AND ARE NOT INTENDED FOR "PLACEMENT" OR "CIRCULATION" IN RUSSIA (EACH AS DEFINED IN RUSSIAN SECURITIES LAWS) UNLESS AND TO THE EXTENT OTHERWISE PERMITTED UNDER RUSSIAN LAW. ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE ISSUER'S AND THE GUARANTORS' PUBLICLY AVAILABLE INFORMATION. NEITHER THE JOINT BOOKRUNNERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE OR THE ISSUER'S AND THE GUARANTORS' PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE SETTLEMENT DATE.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE BONDS OR THE GDRS TO BE ISSUED OR TRANSFERRED AND DELIVERED UPON CONVERSION OF THE BONDS AND NOTIONALLY UNDERLYING THE BONDS (TOGETHER WITH THE BONDS AND THE ORDINARY SHARES UNDERLYING THE GDRS, THE "SECURITIES"). NONE OF THE ISSUER, THE GUARANTORS OR THE JOINT BOOKRUNNERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

THE JOINT BOOKRUNNERS ARE ACTING ON BEHALF OF THE ISSUER AND THE GUARANTORS AND NO ONE ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN RELATION TO THE SECURITIES.

Each of the Issuer, the GuarantorS, the JOINT BOOKRUNNERS and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this PRESS RELEASE whether as a result of new information, future developments or otherwise.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IODSESSWEFASESF
Date   Source Headline
11th May 202312:00 pmRNSFY2022 dividend recommendation
28th Apr 20234:15 pmRNSAnnual Review
28th Apr 202312:02 pmRNSNotice of 2022 AGM
20th Mar 202311:15 amRNSNotice of change of the DR programs depositary
17th Mar 20233:01 pmRNSUpdate on payments on 2023 and 2024 Eurobonds
17th Mar 20233:00 pmRNSUpdate on payments on 2023 and 2024 Eurobonds
15th Mar 20232:01 pmRNSFinancial results for 2H2022 and FY2022
14th Mar 20232:23 pmRNSNotice of financial results for 2H2022 and FY2022
21st Feb 20237:00 amRNSOperating results for 2H 2022 and full year 2022
16th Feb 20231:37 pmRNSPolyus priced 20 billion rouble bonds issue
14th Feb 20231:02 pmRNSRepayment of Eurobonds due 2023
14th Feb 20231:00 pmRNSRepayment of Eurobonds due 2023
3rd Feb 20233:32 pmRNSUpdate on Level I DR program
2nd Feb 20233:15 pmRNSUpdate on Depositary for DR programs
30th Nov 20223:33 pmRNSUpdate on coupon payments in respect of 2028 Notes
30th Nov 20223:30 pmRNSUpdate on coupon payments in respect of 2028 Notes
28th Nov 20223:30 pmRNSChanges in top management
30th Sep 20223:51 pmRNSAGM results
22nd Sep 20224:58 pmRNSUpdate on coupon payments in respect of 2023 Notes
22nd Sep 20224:43 pmRNSUpdate on coupon payments in respect of 2023 Notes
21st Sep 20227:05 amRNSOperating results for the first half of 2022
21st Sep 20227:00 amRNSFinancial results for the first half of 2022
13th Sep 20224:47 pmRNSUpdate on coupon payments in respect of 2024 Notes
13th Sep 20224:45 pmRNSUpdate on coupon payments in respect of 2024 Notes
9th Sep 20229:03 amRNSConsent Solicitation Results
9th Sep 20229:00 amRNSConsent Solicitation Results
6th Sep 202210:01 amRNSNotice of 2H2021 Dividend Recommendation and AGM
30th Aug 20227:00 amRNSNotice of the first half of 2022 financial results
25th Aug 20224:05 pmRNSNoteholders’ consent solicitation extension
25th Aug 20224:00 pmRNSExtension of Consent Solicitation
24th Aug 202210:45 amRNSPJSC Polyus priced CNY 4.6 billion bonds issue
17th Aug 20221:12 pmRNSNotice to holders of depositary receipts
15th Aug 202212:54 pmRNSPJSC Polyus publishes its Climate Strategy
11th Aug 20223:03 pmRNSExtension of Consent Solicitation
11th Aug 20223:00 pmRNSExtension of Consent Solicitation
5th Aug 20221:35 pmRNSUpdate on Proposals for 2023 and 2024 Notes
5th Aug 20221:30 pmRNSUpdate on Proposals for 2023 and 2024 Notes
29th Jul 202212:03 pmRNSPJSC Polyus Completes The Buyback Programme
28th Jul 20225:44 pmRNSConsent Solicitation Results and Extension
28th Jul 20225:41 pmRNSConsent Solicitation Results and Extension
20th Jul 20228:06 amRNSNoteholders’ Consent Solicitation Launch
20th Jul 20228:00 amRNSConsent Solicitation Launch Announcement
19th Jul 20225:56 pmRNSEffectiveness of Proposals for 2023 and 2024 Notes
15th Jul 20224:44 pmRNSResults of Consent Solicitation
15th Jul 20224:35 pmRNSResults of the Consent Solicitation
1st Jul 20225:33 pmRNSNoteholders’ consent solicitation extension
1st Jul 20225:23 pmRNSExtension of Consent Solicitation
24th Jun 20223:47 pmRNSNoteholders’ consent solicitation launch
24th Jun 20223:26 pmRNSPolyus Finance Plc announces Consent Solicitation
17th Jun 20222:05 pmRNSAcquisition of the Chulbatkan deposit

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.