Polymetal: New climate transition loans (1199646)
May 24 2021 - 01:00AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: New climate transition loans
24-May-2021 / 09:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 24 May 2021 Polymetal International plc
New climate transition loans
Polymetal has agreed USUSD 400 million of new
sustainability-linked financing with interest rates linked to the
Greenhouse Gas (GHG) emission intensity reduction targets. The
financing consists of two loans obtained from AO Raiffeisenbank and
UniCredit.
Raiffeisenbank will provide a 4-year USUSD 200 million term loan
with an accordion option to increase the total commitments to
USUSD400 million, while UniCredit will grant a 5-year USUSD 200
million revolving credit facility.
The two loans significantly contribute to the Company's
portfolio of sustainability-linked and green financing which now
amounts to USUSD 680 million and comprises approximately 40% of
total debt.
The financing incorporates an adjustment mechanism which links
the pricing for the loans to the Company's progress on its GHG
intensity reduction targets as compared to 2019 baseline year
(Scope 1 and 2). Polymetal recently published its first Climate
Change Report (link) setting a strategic goal to reduce GHG
emission intensity by 30% by 2030, including the intermediate
target of 15% by 2025.
To achieve these goals, Polymetal has developed a comprehensive
programme that includes a wide range of projects, such as: ?
Development of own solar and wind power plants at or near Polymetal
operations; ? Investment in grid connections to remote assets and
procurement of electricity supplies with the lowest available
carbon footprint; ? Electrification of mobile mining fleet; ?
Continuous improvement of energy efficiency.
"Fast-growing share of sustainability-linked financing in
Polymetal's overall debt portfolio reflects our strong focus on
sustainable development including a gradual reduction of the
company's carbon footprint. Combating climate change by increasing
energy efficiency and using renewable energy is among our strategic
priorities, and the company is actively using ESG-linked financing
instruments to facilitate this transition", said Maxim Nazimok, CFO
of Polymetal.
"Raiffeisenbank has in-depth expertise in financing sustainable
projects. Working with companies dedicated to environmental and
social governance principles is our key priority. Polymetal has a
significant portfolio of sustainability-linked and green projects.
Recently the company published its first Climate Change Report
setting a strategic goal to reduce its carbon footprint. We're
proud to have the confidence of such a partner as Polymetal, and we
will support the company in achieving ambitious plans of improving
environmental conditions", stated Dmitry Sredin, Managing Director,
Head of Large Corporate and IB Divisions at Raiffeisenbank.
"The expertise and experience, that we bring to the Russian
market, integrates the best practice accumulated in sustainable
finance by UniCredit internationally. We know that there is no one
size fits all solution and are committed to always deliver
best-in-class products and solutions to our clients based on
in-depth industry knowledge and our strong ESG competence. This
deal with our long-standing customer Polymetal is a fantastic
example of this effort and of our continued collaboration with our
clients in the transition to a low-carbon economy", said Vadim
Aparkhov, Member of the Management Board of AO UniCredit Bank.
About Polymetal
Polymetal International plc (together with its subsidiaries -
"Polymetal", the "Company", or the "Group") is a top-10 global gold
producer and top-5 global silver producer with assets in Russia and
Kazakhstan. The Company combines strong growth with a robust
dividend yield.
Enquiries
Media Investor Relations
Polymetal ir@polymetalinternational.com
FTI Consulting
Evgeny Monakhov +44 20 7887 1475 (UK)
Leonid Fink +44 20 3727 1000
Timofey Kulakov
Viktor Pomichal
Kirill Kuznetsov +7 812 334 3666 (Russia)
Joint Corporate Brokers
Morgan Stanley & Co. International plc +44 20 7425 8000
Andrew Foster
RBC Europe Limited
Richard Brown
Marcus Jackson +44 20 7653 4000
Panmure Gordon Jamil Miah
Daniel Norman
+44 20 7886 2500
John Prior
Forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements speak only as at the date of this release. These
forward-looking statements can be identified by the use of
forward-looking terminology, including the words "targets",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions
or, in each case their negative or other variations or by
discussion of strategies, plans, objectives, goals, future events
or intentions. These forward-looking statements all include matters
that are not historical facts. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the company's
control that could cause the actual results, performance or
achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the company's present and
future business strategies and the environment in which the company
will operate in the future. Forward-looking statements are not
guarantees of future performance. There are many factors that could
cause the company's actual results, performance or achievements to
differ materially from those expressed in such forward-looking
statements. The company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
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ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
Sequence No.: 106776
EQS News ID: 1199646
End of Announcement EQS News Service
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