Appleby’s Jersey team led by Partner, Andrew Weaver and assisted by Associate, Zim Ceko advised and acted as Jersey counsel to Petropavlovsk PLC and its subsidiary, Petropavlovsk 2010 Limited in respect of the issue of new US$125,000,000 Guaranteed Convertible Bonds, due 2024 by Petropavlovsk 2010 Limited.
The team also advised on consent solicitations required to amend the terms and conditions of existing US$100,000,000 Guaranteed Convertible Bonds due 2020 issued by Petropavlovsk 2010 Limited and the repurchase of such existing convertible bonds concurrently with the issue of the new convertible bonds.
Appleby assisted with the obtaining of regulatory approvals from the Jersey Financial Services Commission relating to amendments to the terms and conditions of the existing convertible bonds and the issue of the new convertible bonds.
Commenting on the deal, Andrew Weaver said:
“Appleby continues to be a trusted adviser to issuers of large value capital market transactions and this deal reflects our expertise in the private and public credit markets, following closely on our recent advice to JPMorgan Chase Bank on a US$1.25 billion asset-based revolving credit facility to the Adient Group”.
Petropavlovsk PLC is one of Russia’s major gold mining companies, in terms of production, reserves and resources. It is amongst the most established and the most experienced vertically integrated gold producers in the far east of Russia.