Polyus offers to buy $500 million of notes from three series

Chicago, Sept. 28 – PJSC Polyus started a capped tender offer for up to $500 million principal amount from three series of notes issued by Polyus Finance plc and guaranteed by JSC Polyus Krasnoyarsk, according to a notice.

The company is offering to buy notes, with the related purchase prices, from the following series:

• The $482,806,000 outstanding 4.699% guaranteed notes due 2022 (ISINs: XS1405766384, US73180YAB02) for $1,020 per note;

• The $787.8 million outstanding 5¼% guaranteed notes due 2023 (ISINs: XS1533922933, US73180YAC84) for $1,058.75 per note; and

• The $470,134,000 outstanding 4.7% guaranteed notes due 2024 (ISINs: XS1713474325, US73181LAA98) for $1,077.50 per note.

Pricing is based on par of $1,000 notes.

Interest will also be paid to the settlement date.

The offer is subject to a financing condition, based on the issue of new unsecured and unsubordinated guaranteed debentures.

Priority in allocation of the new notes may be given to tendering noteholders.

The rationale for the offer is that the group seeks to extend its existing debt maturity profile and lower the group’s cost of funding.

The 2023 notes and the 2024 notes have priority in acceptance over the 2022 notes. Later, the company will determine each series acceptance amount.

Tenders may be prorated.

The offer expires at 2 p.m. ET on Oct. 5.

Settlement is planned for Oct. 19.

Bank GPB International SA (+7 499 271 9154, +7 495 988 2353, Liability.management@gazprombank.ru), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com), Renaissance Securities (Cyprus) Ltd. (+357 22 360 000, SyndicateDCM@rencap.com), Sberbank CIB (UK) Ltd. (liability_management@sberbank-cib.ru) and VTB Capital plc (+44 203 334 8029, liability.management@vtbcapital.com) are dealer managers for the offers.

Lucid Issuer Services Ltd. is the information and tender agent (polyus@lucid-is.com, https://deals.lucid-is.com/polyus).

London-based Polyus is a gold producer with mines in Russia and Kazakhstan.

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