Debevoise Advises Polyus Gold on its $500 Million Eurobond Offering

29 January 2018

The Moscow and London offices of Debevoise & Plimpton LLP have advised the firm’s longstanding client PJSC Polyus (“Polyus”) on the issue by its indirect subsidiary Polyus Finance plc of $500 million guaranteed Eurobonds due 29 January 2024 with a coupon of 4.70% per annum (the “Notes”).

Polyus is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. Based on its 2016 Ore Reserves and Mineral Resources, the Polyus Group ranks second by attributable gold reserves and third by attributable 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 has also advised on Polyus Finance’s issue of $250 million convertible bonds earlier this month.

The Debevoise team advising on the issuance was led by Moscow partner Natalia A. Drebezgina and London partner James C. Scoville. The team also included London based international counsel Vera Losonci and associates Laurence Hanesworth and Jake Grandison as well as Moscow-based associates Timur G. Ochkhaev and Daria A. Serebrova. Tax advice was provided by New York partner Michael Bolotin and a London team consisting of partner Richard Ward, international counsel Cécile Beurrier and associate Sarah Ling.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.