By Rebecca Melvin
New York, Nov. 8 – Russia’s Petropavlovsk plc priced $500 million of 8 1/8% five year notes (expected rating: //B-) at par, according to a company news release on Wednesday.
The Rule 144A and Regulation S notes were talked at a maturity of five to seven years.
Citigroup Global Markets Ltd., J.P. Morgan Securities plc, Sberbank CIB (Cyprus) and VTB Capital plc were joint lead managers and joint bookrunners of the notes for which roadshow meetings were held in Europe and the United States.
Proceeds are expected to be used to refinance loans provided under banking facilities provided by Sberbank and VTB Bank.
Application has been made to list the bonds, which represent the company’s inaugural dollar benchmark, on the Irish Stock Exchange.
Petropavlovsk is a Russian gold mining company listed on the London Stock Exchange.
| Issuer: | Petropavlovsk plc
|
| Issue: | Guaranteed senior notes
|
| Guarantors: | Petropavlovsk plc, JSC Pokrovkiy Rudnik, LLC Albynskiy Rudnik and LLC Malomirskiy Rudnik
|
| Amount: | $500 million
|
| Maturity: | Nov. 14, 2022
|
| Bookrunners: | Citigroup Global Markets Ltd., J.P. Morgan Securities plc, Sberbank CIB (Cyprus) and VTB Capital plc
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Expected rating: | Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
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