Russian gold mining company Petropavlovsk on Thursday announced a new $125-million convertible bond to refinance an existing short-term $100-million bond with a coupon of 9%, using a long-dated instrument at a lower cost.
CEO Pavel Maslovskiy said in a statement that the new bond offering had been met with strong interest by the market, resulting in a “significantly oversubscribed book of demand from a range of investors”.