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Petropavlovsk PLC - London-based gold mining company with operations in Russia - Says its revolving credit facilities have been moved to Nordic LLC from Gazprombank. Says it is unable to pay the $12.4 million coupon due on May 14 in respect of the $500 million 8.125% guaranteed notes issued by Petropavlovsk in 2016. Explains that this is a result of its inability to extract cash from its Russian subsidiaries in the current environment, as well as the acceleration of its $201 million term loan. Continues to contemplate the sale of its subsidiaries to settle its debt.
In April, Petropavlovsk said Gazprombank demanded immediate repayment of the $201.0 million due under Petropavlovsk's committed term facility agreement. The company explained that it was unable to make interest payments to Gazprombank, due to the sanctions imposed on the Russian lender, its limited cash reserves outside Russia, and legal restrictions in the country that limit its ability to transfer cash outside of it.
Current stock price: 1.60 pence, down 26% on Monday
12-month change: down 94%
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