Petropavlovsk Defaults on Russia's Gazprombank Loans, Shares Fall
April 29 2022 - 7:00AM
Dow Jones News
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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