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INVESTIS EMAIL ALERT - PETROPAVLOVSK PLC



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

 

 

Maitland

Neil Bennett

George Trefgarne

Seda Ambartsumian

 

+44 (0) 20 7379 5151

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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