Polyus to redeem convertible Eurobonds on May 18 ahead of schedule
MOSCOW, Apr 20 (PRIME) -- Russian gold producer Polyus plans to redeem convertible 2021 Eurobonds ahead of schedule on May 18, the company said in a statement late on April 17.
Currently, there are $186.2 million of the Eurobonds in circulation. On April 16, Polyus received a notification from the bondholders about a conversion of $5 million of the Eurobonds into global depositary receipts (GDRs), after which there will be $181.2 million Eurobonds left in circulation.
The company placed the U.S. $250 million Eurobond issue in January 2018 with a coupon of 1%. The bonds can be redeemed early, after two years, if the price of GDRs into which the bonds would be converted exceeds their face value by 130%.