JOHANNESBURG (miningweekly.com) – Russian gold miner Polyus on Friday announced a $250-million offering of senior unsecured guaranteed convertible bonds, the proceeds of which it would use for debt refinancing and other general corporate purposes.
The bonds, to be issued by Polyus Finance, are due in 2021.
The bonds are subject to a cash settlement option, convertible into Reg S global depositary receipts (GDR) of the company listed on the LSE, with two GDRs representing one ordinary share.
The bonds are expected to carry a coupon of between 0.5% and 1% a year, payable semi-annually.
Polyus has launched a Eurobond roadshow from Friday to Tuesday. Following the roadshow, the company may launch a benchmark Eurobond offering.