30th Mar 2022 09:16
(Alliance News) - Petropavlovsk PLC said on Wednesday it is in discussion regarding the restructuring of its debt as the company attempts to navigate Russian sanctions.
Shares in Petropavlovsk were down 9.6% at 4.50 pence on Wednesday in London following the announcement. Its shares are down 76% in the year-to-date.
The London-based miner with operations in Russia explained that it had a USD200 million committed term loan and USD86.7 million revolving credit facilities between itself and Gazprombank.
An interest payment of USD560,000 due on the term loan is currently prohibited due to sanctions. The rouble equivalent of USD9.5 million under its revolving credit facility has also not been paid as a consequence of the regulations.
This comes after Gazprombank was last week included on the UK Sanctions List.
As a result, the company said it is now in the early stages of discussions with its advisers and Gazprombank relating to a potential restructuring of its debt.
By Heather Rydings; [email protected]
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