Russia’s Polyus buys $131.78 million notes via Dutch auction tender

By Susanna Moon

Chicago, Sept. 24 – Polyus Finance plc said it accepted tenders for $131,778,000 principal amount of four series of notes in the offer that ended at 11 a.m. ET on Sept. 21.

As announced Sept. 14, Polyus was tendering for up to a $300 million purchase price by way of a modified Dutch auction.

The notes are guaranteed by JSC Polyus Krasnoyarsk and PJSC Polyus.

Investors had tendered the following amounts of notes with pricing per $1,000 principal amount set using a modified Dutch auction based on a minimum purchase price:

• $72,518,000 of the $750 million 5 5/8% guaranteed notes due 2020 with a purchase price of $1,005 based on a minimum purchase price of $990;

• $17,194,000 of the $500 million 4.699% guaranteed notes due 2022 with a purchase price of $950 based on a minimum purchase price of $939;

• $12.2 million of the $800 million 5¼% guaranteed notes due 2023 with a purchase price of $946 based on a minimum purchase price of $938; and

• $29,866,000 of the $500 million 4.7% guaranteed notes due 2024 with a purchase price of $925 based on a minimum purchase price of $900.

After settlement, there will be $677,482,000 of the 5 5/8% notes, $482,806,000 of the 4.699% notes, $787.8 million of the 5¼% notes and $470,134,000 of the 4.7% notes.

Holders will also receive accrued interest up to but excluding the settlement date.

“Polyus has successfully used an opportunity arising from the heightened volatility to perform a timely liability management – we lowered our cost of financing while improving the maturity profile. Public debt instruments remain the core of our financing strategy,” Mikhail Stiskin, senior vice president, finance and strategy, said in a press release.

Settlement is expected to occur on Sept. 26.

The dealer manager is J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com). The information and tender agent is D.F. King Ltd. (polyus@dfkingltd.com, +44 20 7920 9700, +852 3953 7231 or https://sites.dfkingltd.com/polyus).

Polyus is a mining company based in Moscow.

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