The Moscow and London offices of Debevoise & Plimpton have advised longstanding client Polyus Gold International Limited on a USD 800 million Eurobond offering due 2023 with a coupon of 5.25% per annum. The Notes were offered inside the United States to qualified institutional buyers under Rule 144A and outside the United States to buyers under Regulation S.
The issue is the largest non-investment grade bond issuance in Russia since 2013.
Polyus Gold is the largest gold producer in Russia and one of the top 10 gold miners globally by ounces produced. The company holds the fourth largest mineral resources base in the world.
Debevoise has advised Polyus Gold on a number of significant capital market transactions in recent years. The firm advised on Polyus Gold’s debut Eurobond issuance in 2013. Most recently, the firm also advised Polyus Gold on a separate USD 500 million Eurobond offering in October 2016 (as reported by CEE Legal Matters on November 3, 2016).
The Debevoise team advising on the issuance was led by Moscow Partner Natalia Drebezgina and London Partner James Scoville. The team also included International Counsel Vera Losonci, Counsel Huey-Fun Lee, and Associates Laurence Hanesworth, Timur Ochkhaev, Daria Serebrova, and Elena Sevastianova. Tax advice was provided by London Partner Richard Ward, as well as International Counsel Cécile Beurrier and Associate Ellie Mends.