Alexander Miller, consultant in metal markets. Eurasia Business News, October 25, 2021

PJSC Polyus (LSE, MOEX: PLZL) announced on October 14 that Polyus Finance PLC (the Issuer), a 100% subsidiary of Polyus, incorporated under the laws of England and Wales, reported the completion by the Issuer of the placement and settlement of a USD 700 million bond maturing October 14, 2028, with a coupon rate of 3.25% per annum (the “bonds”). PJSC Polyus and Joint Stock Company Polyus Krasnoyarsk, a 100% subsidiary of Polyus, acted as guarantors for the bonds.

The purchasers of the Bonds were a diversified circle of investors, including investors from developed markets representing continental Europe (about 41%), Great Britain and the USA (about 20%), as well as investors from Russia (about 38%) and from other regions.

Polyus plans to use the funds raised in the course of the Bonds issue primarily to finance the parallel redemption of bonds announced on September 28, 2021 (the completion of settlements for which is expected on October 19, 2021), as well as for other general corporate purposes.

Mikhail Stiskin, Senior Vice President of Polyus for Finance and Strategy, commented:

We are pleased to return to the debt capital market with such a landmark transaction for Polyus. This is our first Eurobond transaction since January 2018, and it became the largest in terms of volume among all non-state companies in the CIS in 2021. It reflects the high demand for paper in the bookbuilding process.
The company pursues a responsible debt policy. This issue will allow us to optimize our debt portfolio and smooth the maturity of our obligations.”

The Russian mining company Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold ore reserves.

As inflation is rising because of massive quantitative easing of central banks in Europe and in the United States, private investors are looking at gold as a safe heaven, to protect their wealth. Demand for gold in the world has only been growing since September 2018.

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