Polyus Gold, the biggest gold miner in Russia, has raised nearly US$750 million through a seven year Eurobond issue. The bond would yield 5.625%, according to one of the bookrunners of the issue.
Andrew Solovyev, Global Head of Debt Capital Markets with VTB Capital, confirmed with reporters by saying, "The order book has more than two times subscribed despite market volatility and a fall in gold prices."
Aside from VTB, bookrunners for the issue are JP Morgan and Societe Generale.
This comes after the recent announcement that Robert Buchan, the chairman of the board would be tendering his resignation after the annual general meeting of the company. The controlling shareholder, Suleiman Kerimov was informed of the resignation because of Buchan's recent appointment as president and CEO of Allied Nevada Gold Corp. Allied Nevada Gold Corp is listed in both the Toronto and New York bourses and is based in the US.
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