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Petropavlovsk begins tender offer for $200 million of 8 1/8% notes
Chicago, July 13 – Petropavlovsk plc subsidiary Petropavlovsk 2016 Ltd. started a tender offer for up to $200 million of its $500 million outstanding 8 1/8% guaranteed notes due 2022 (ISIN: XS1711554102, US71675MAA45), according to a notice.
Noteholders will receive the full consideration of $1,055 per $1,000 note, inclusive of an early tender payment of $30, if they tender their notes by the early deadline. Noteholders who tender after the early deadline will not receive the $30 early payment. Interest will also be paid to the settlement date.
The early tender deadline and the withdrawal deadline are 5 p.m. ET on July 26.
The offer will expire at 11:59 p.m. ET on Aug. 9.
The early settlement date is July 29. The final settlement date is Aug. 12.
Tenders may be subject to proration if the offer is oversubscribed.
The company is making the tender offer as a means to manage the group’s upcoming debt redemptions and to lower the cost of the group’s debt portfolio.
GPB-Financial Services Ltd. is the dealer manager (+7 495 913 7932, +7 499 271 9154, +7 495 988 2353, liability.management@gazprombank.ru).
Citibank NA, London Branch is the tender and tabulation agent (+44 20 7508 3867, citiexchanges@citi.com).
Petropavlovsk is a London-based gold mining company with operations in Russia.
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