PURCHASES OF 4% GUARANTEED CONVERTIBLE BONDS
RNS Number : 8109R
Petropavlovsk PLC
30 October 2013
30 October 2013
PURCHASES OF 4.00 PER CENT GUARANTEED CONVERTIBLE BONDS DUE 2015 (ISIN: XS0482875811)
Petropavlovsk PLC (the Company) announces that its subsidiary Petropavlovsk 2010 Limited (the Issuer) has through a series of individual transactions purchased a total of US$57,500,000 in principal amount of the 4.00 per cent Guaranteed Convertible Bonds due 2015 (the Bonds)(ISIN: XS0482875811) issued by the Issuer and guaranteed by the Company for an aggregate cash consideration of US$37,861,250 (being in aggregate 34.2 per cent below the principal amount of these Bonds) pursuant to Condition 9(e) of the terms and conditions of the Bonds in the open market through a broker. These comprise 15.1 per cent of the Bonds originally issued. The purchases have been funded through existing cash resources.
The purchased Bonds will be cancelled, which will result in US$322,500,000 in principal amount of the Bonds remaining outstanding and a reduction of c.US$16.3 million in the net debt of the Company, as part of its debt reduction strategy.
Commenting on the announcement Mr.
Peter Hambro, Chairman of the Company said:
"As announced in our Trading Statement for Q3 2013, the Company had already achieved a reduction of its Net Debt of US$70 million.
Therefore, it seemed a good idea and in the shareholders interest now to buy back bonds trading at a significant discount to their face value. The transactions announced today have the effect of reducing Net Debt by an additional c.US$16.3 million."
This notification does not, nor is it intended to, constitute an offer to purchase or a solicitation for an offer to sell, any Bonds in issue at any particular price or on any particular terms.
Enquiries
Petropavlovsk PLC /Petropavlovsk 2010 Limited
Alya Samokhvalova
Rachel Mills
|
+44 (0) 20 7201 8900
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Maitland
Neil Bennett
George Trefgarne
Seda Ambartsumian
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+44 (0) 20 7379 5151
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This information is provided by RNS
The company news service from the London Stock Exchange
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