PJSC Polyus’s 5.13 Million Ordinary Shares Accelerated Bookbuild


Debevoise & Plimpton advised the principal shareholder of PJSC Polyus on the sale through an accelerated bookbuild of approximately 5.13 million ordinary shares in the form of Global Depositary Shares and ordinary shares of PJSC Polyus.

The placing securities represent approximately 3.84% of the ownership interest in the share capital of PJSC Polyus. Gross proceeds of the placing constituted approximately US$390 million.

Polyus is the largest gold producer in Russia and one of the top ten gold miners globally with the lowest cost position. Based on its 2017 Ore Reserves and Mineral Resources, Polyus group ranks second both by attributable gold reserves and gold resources among the world’s largest gold mining companies.

Debevoise has advised Polyus on a number of significant capital market transactions in recent years. The firm advised on Polyus’s $750 million debut Eurobond issuance in 2013, two subsequent Eurobond issuances for the total value of $1.3 billion, as well as the offering and listing of depositary receipts of Polyus on the London Stock Exchange in 2017, the first offering with a listing of depositary receipts by a Russian issuer on the London Stock Exchange since 2014. Debevoise also advised on Polyus Finance’s issue of $250 million convertible bonds in January 2018.

The Debevoise team advising on the placing was led by Moscow partner Natalia A. Drebezgina (Picture) and London partner James C. Scoville. The team also included London based international counsel Vera Losonci and Moscow-based associate Timur G. Ochkhaev.

Involved fees earner: Natalia Drebezgina – Debevoise & Plimpton; Vera Losonci – Debevoise & Plimpton; Timur Ochkhaev – Debevoise & Plimpton; James Scoville – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Polyus Gold;