By Jaime Llinares Taboada

Shares in Petropavlovsk PLC fell further on Friday after the company said it has defaulted on some of its loans with sanctioned Russian bank Gazprombank.

The London-listed gold miner said that one or more events of default have occurred as a result of the acceleration of a term loan and revolving credit facilities.

Earlier this month, Gazprombank required Petropavlovsk make a repayment of $201.0 million due under the term loan and $87.1 million due under the revolving credit facilities.

Petropavlovsk can't make payments to Gazprombank due to the lender's inclusion on the U.K. sanctions list.

The miner said Friday that Gazprombank hasn't accelerated the $304 million guaranteed notes or the $125 million convertible bonds.

Shares at 1020 GMT were down 17% at 1.90 pence. The stock price is down 90% in the year to date.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

April 29, 2022 06:45 ET (10:45 GMT)

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