POG Petropavlovsk Plc

Petropavlovsk has sent notices of event default to the trustees of its 8.25% Guaranteed Convertible Bonds due 2024 and 8.125% Guaranteed Notes due 2022 due to a loan repayment request by lender Gazprombank. "Petropavlovsk Defaults on Russia's Gazprombank Loans, Shares Fall," at 1030 GMT, said that Petropavlovsk has defaulted on the Gazprombank loans. The correct version follows:

By Jaime Llinares Taboada

Shares in Petropavlovsk PLC fell further on Friday after the company said that it has sent notices of event of default to the trustees of its 8.25% Guaranteed Convertible Bonds due 2024 and 8.125% Guaranteed Notes due 2022 as a result of the acceleration of its loans with sanctioned Russian bank Gazprombank.

The London-listed gold miner said that one or more events of default have occurred under the conditions of its notes due 2022 and bonds due 2024 as a result of Gazprombank requesting loan repayments of $288.1 million.

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

Petropavlovsk didn't say whether or not it is in default of the Gazprombank loans. A spokesman told Dow Jones Newswires that Petropavlovsk is "in accelerated repayment" on the Gazprombank loans.

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

The miner said Friday that its lenders haven't accelerated the $304 million guaranteed notes or the $125 million convertible bonds at this time.

Shares at 1216 GMT were down 14% at 1.98 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 09:05 ET (13:05 GMT)

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