Petropavlovsk Updates Relation to Gazprombank

Source: www.gulfoilandgas.com 3/29/2022, Location: Asia

Petropavlovsk PLC ("Petropavlovsk") wishes to provide an update in relation to the implications for the Group of the inclusion of Gazprombank ("GPB") on the UK Sanctions List and the designation of GPB for the purposes of an asset freeze under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations").

As noted in the Company's announcement of 25 March 2022, there is a US$200 million committed term loan between the Company and Bank GPB (JSC) (the "Term Loan") and c.US$86.7 million in revolving credit facilities (the "RCFs") made available by GPB to certain of the Company's subsidiaries in Russia. An interest payment of US$560,000 became due on 25 March 2022 under the Term Loan, which the Company was and remains prohibited from making under the Regulations. In addition, on 28 March 2022, the rouble equivalent of c.US$9.5m became repayable under the RCFs, which also has not been paid as a consequence of the Regulations.

In light of the above and the scheduled maturity in November 2022 of the US$500 million 8.125% guaranteed notes due 2022 issued by Petropavlovsk 2016 Limited (of which US$304 million remains outstanding), the Company is in the early stages of discussions with its advisers and GPB relating to a potential restructuring of the Group's debt within the limitations imposed by the Regulations.


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