Petropavlovsk PLC Debt Refinancing (4042S)
December 20 2016 - 11:32AM
UK Regulatory
TIDMPOG
RNS Number : 4042S
Petropavlovsk PLC
20 December 2016
PRESS RELEASE
20 December 2016
Petropavlovsk PLC
Debt Refinancing
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") announces the following with
regards to the refinancing of the Group's bank debt totaling US$430
million with the lending banks Sberbank and VTB (the
"Lenders"):
-- Sberbank US$295m senior secured term loan facility has been
executed and made available on 20 December 2016.
-- VTB US$135m senior secured term loan facility has been
amended and restated with an effective date of 19 December
2016.
In addition, the Sberbank US$100m commodity linked loan facility
remains on schedule for completion of final documentation effective
Q1 2017. The total Group bank debt to be refinanced is US$530m.
Further to the Company's announcement on 16 December 2016, IRC
Limited ("IRC") has made the December project finance repayment of
approximately US$26m within the required timeframe. For further
detail the Company refers you to the IRC website
www.ircgroup.com.hk.
About
Petropavlovsk PLC
Petropavlovsk is one of Russia's leading gold mining companies.
We operate some of the largest gold mines in Russia in terms of
their gold production output, processing capacity and resource
base. Furthermore, our assets have untapped exploration potential.
We are a leading employer and contributor to the development of the
local economy in the Amur region, Russian Far East, where we have
operated since 1994. As at 31 December 2015, we have produced
approximately 6Moz of gold.
The Company is listed on the Main Market of the London Stock
Exchange (Ticker POG:LN)
ENQUIRIES
Petropavlovsk PLC
+44 (0) 20 7201
Alya Samokhvalova 8900
Alexandra Carse
Maitland
Neil Bennett +44 (0) 20 7379
James Isola 5151
Note: Figures throughout this release may not add up due to
rounding.
Forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
release and include, but are not limited to, statements regarding
the Group's intentions, beliefs or current expectations concerning,
among other things, the Group's results of operations, financial
position, liquidity, prospects, growth, strategies and expectations
of the industry.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance
and the development of the markets and the industry in which the
Group operates may differ materially from those described in, or
suggested by, any forward-looking statements contained in this
release. In addition, even if the development of the markets and
the industry in which the Group operates are consistent with the
forward-looking statements contained in this release, those
developments may not be indicative of developments in subsequent
periods. A number of factors could cause developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, commodity
prices, changes in law or regulation, currency fluctuations
(including the US dollar and Rouble), the Group's ability to
recover its reserves or develop new reserves, changes in its
business strategy, political and economic uncertainty. Save as
required by the Listing and Disclosure and Transparency Rules, the
Company is under no obligation to update the information contained
in this release.
Past performance cannot be relied on as a guide to future
performance.
The content of websites referred to in this announcement does
not form part of this announcement.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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