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Petropavlovsk offers refinancing terms of its bonds for 310,5 million dollars

The group of companies Petropavlovsk 26 February will offer the meeting of shareholders agreed with the creditors refinancing conditions. The company needs the consent of 75% of shareholders, in case of their refusal, the company is waiting for default. The maturity of Petropavlovsk bonds on 310,5 million dollars is 18 March.

Petropavlovsk has signed agreements with major creditors, namely with Sberbank, VTB and the Industrial and Commercial Bank of China.

The group of companies plans to issue new shares, offered to shareholders of the company at a lower price than the market price - 5p per share. During the additional issue, CEO Pavel Maslovsky, the head of the board of directors of the company Peter Hambro and some of the bondholders will purchase shares worth $ 77 million. The result of the additional issue should be the reduction of Petropavlovsk's net debt to $ 700 million.

At the same time, Petropavlovsk plans to issue new 5-year convertible bonds in the amount of 100 million dollars, bond holders will be able to exchange their securities for this new issue.

The company also planned to cut the board of directors to 7 members after completing the current refinancing phase.

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