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1 Nov 2016 18:27
31 October 2016
Petropavlovsk PLC
Refinancing update
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") today issues an update on its discussions with the Group's Russian lenders.
As announced on 28 September 2016 the Company has received major support from its Russian lender, Sberbank (c.75% of total bank debt) to extend the maturity profile of the Group's facilities to 2022, subject to certain conditions, with a back-ended repayment schedule to match the Company's production schedule.
As part of this process Sberbank has deferred the repayment installment of principal due under its facilities on 31 October 2016 to 20 December 2016. VTB has informed the Company that it is working towards execution of the necessary documentation, and towards satisfaction of all necessary conditions precedent on Monday, 31 October 2016 to extend the scheduled partial repayment of the facility from 31 October 2016 to 20 December 2016
The Company expects to be in a position to confirm details of the refinancing shortly.
ENQUIRIES
Petropavlovsk PLC | |
Alya Samokhvalova | +44 (0) 20 7201 8900 |
Grace Hanratty | |
Maitland | |
Neil Bennett James Isola | +44 (0) 20 7379 5151 |
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