Polyus Finance PLC Update on coupon payments in respect of 2024 Notes (3291Z)
13 Septembre 2022 - 5:45PM
UK Regulatory
TIDM60GT TIDMPLZL
RNS Number : 3291Z
Polyus Finance PLC
13 September 2022
13 September 2022
Polyus Finance Plc announces an update on coupon payments in
respect of its outstanding U.S.$500,000,000 4.70% Guaranteed Notes
due 2024
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS
UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
The reference is made to the outstanding U.S.$500,000,000 4.70%
Guaranteed Notes due 2024 issued by the Issuer and guaranteed by
PJSC Polyus and JSC Polyus Krasnoyarsk (the "Notes").
Terms used but not otherwise defined herein have the meaning
ascribed to them in the terms and conditions of the Notes.
The Issuer hereby notifies the holders of the Notes that, in
accordance with applicable provisions of the laws of the Russian
Federation and the terms of the Notes now in effect, on 19 July
2022, JSC Polyus Krasnoyarsk transferred the funds denominated in
Russian rubles to National Settlement Depository as coupon payments
for the subsequent transfer of such funds to the holders of the
Notes the rights to which are recorded in Russian depositories.
In respect of coupon payments to the holders of the Notes the
rights to which are recorded in foreign depositories (the "Offshore
Noteholders"), on 29 July 2022, the Issuer is considered to fulfill
its obligation to pay under the terms of the Notes by transferring
the funds denominated in U.S. Dollars to The Bank of New York
Mellon, London Branch acting as paying agent in respect of the
Notes (the "Paying Agent") as a coupon payment (the "29 July Coupon
Payment") for the subsequent transfer of such funds to the Clearing
Systems for onward payment to the Offshore Noteholders. Despite
instructions and active attempts of the Issuer to reach out to the
Paying Agent, the Issuer has not received a confirmation from the
Paying Agent that the Paying Agent has transferred 29 July Coupon
Payment to the Clearing Systems for onward payment to the Offshore
Noteholders in accordance with the Paying Agency Agreement. The
Issuer continues to provide full cooperation and support to the
Paying Agent, including providing full information at the disposal
of the Issuer necessary for the Paying Agent.
Given the Issuer did not receive the confirmation of the
transfer of the 29 July Coupon Payment to the Clearing Systems for
onward payment to the Offshore Noteholders and in accordance with
the terms of the Trust Deed, on 12 September 2022 the Issuer made
an additional transfer of the 29 July Coupon Payment to the order
of I2 Capital Trust Corporation Ltd acting as a trustee under the
Notes (the "Trustee"). The Issuer successfully transferred the 29
July Coupon Payment to the Trustee within the applicable grace
period and is considered to have effectively fulfilled its
obligation to pay the 29 July Coupon Payment twice under the terms
of the Notes. The Trustee is seeking written confirmation from the
relevant Clearing Systems that such funds can be transferred to
them from the Trustee. The Issuer expects that the 29 July Coupon
Payment will be transferred to the Clearing Systems for onward
payment to the Offshore Noteholders either by the Paying Agent or
the Trustee.
The Issuer treats the interests of all its holders of the Notes
equally and is fully capable and committed to fulfil its payment
obligations in respect of the Offshore Noteholders. The Issuer will
continue to make every effort to facilitate the coupon payments by
the Paying Agent. The Issuer will provide further updates in case
the Issuer receives the confirmation from the Paying Agent.
Forward-looking statements
This announcement may contain "forward-looking statements"
concerning Polyus group. Generally, the words "will", "may",
"should", "could", "would", "can", "continue", "opportunity",
"believes", "expects", "intends", "anticipates", "estimates" or
similar expressions identify forward-looking statements. The
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
expressed in the forward-looking statements. Forward-looking
statements include statements relating to future capital
expenditures and business and management strategies and the
expansion and growth of Polyus group's operations. Many of these
risks and uncertainties relate to factors that are beyond Polyus
group's ability to control or estimate precisely and therefore
undue reliance should not be placed on such statements which speak
only as at the date of this announcement. The Issuer and/or any
Polyus group company assumes no obligation in respect of, and does
not intend to update, these forward-looking statements, except as
required pursuant to applicable law.
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END
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