Polyus’ $700 Million Eurobond Offering

Debevoise & Plimpton advised Polyus in the offering.

Polyus executed its $700 million 7-year Eurobond offering with an annual coupon rate of 3.25%. This is the largest issuance among non-state owned companies in CIS in 2021 to date.

The proceeds from the issue will be used to finance the purchase of existing notes due 2023 and 2024 for the aggregate principal amount of $605.3 million, as well as for Polyus’s general corporate purposes. Polyus also completed the related tender offer for the outstanding 2022, 2023 and 2024 notes.

Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore Reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).

The Debevoise team advising Polyus was led by Moscow partner Natalia Drebezgina (Picture) and London partner James Scoville, and included associates Laurence Hanesworth, Alexey Khnalkov, Joseph Mash, and Timur Ochkhaev. Finance advice was provided by partner Alan Davies, international counsel Dmitry Karamyslov, and associate Olga S. Panfilova . Tax advice was provided by partners Cécile Beurrier and Richard Ward, international counsel Patrick Fasoro, and associate Heather Atkins.

Involved fees earner: Heather Atkins – Debevoise & Plimpton; Cécile Beurrier – Debevoise & Plimpton; Alan Davies – Debevoise & Plimpton; Natalia Drebezgina – Debevoise & Plimpton; Patrick Fasoro – Debevoise & Plimpton; Laurence Hanesworth – Debevoise & Plimpton; Dmitry Karamyslov – Debevoise & Plimpton; Alexey Khnalkov – Debevoise & Plimpton; Joseph Mash – Debevoise & Plimpton; Timur Ochkhaev – Debevoise & Plimpton; Olga Panfilova – Debevoise & Plimpton; James Scoville – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Polyus Gold;