7 August 2017
Clifford Chance advises the Joint Global Coordinators and Joint Bookrunners of PJSC Polyus' public offering
Clifford Chance advises the Joint Global Coordinators and Joint Bookrunners of PJSC Polyus' public offering.
Clifford Chance advised the Joint Global Coordinators and Joint Bookrunners of PJSC Polyus' ("Polyus") public offering of 12,020,442 shares in the form of ordinary shares and depositary receipts and the listing of the depositary receipts on the LSE. The total size of the offering was $799 million, excluding the over-allotment option. The offering was the largest international offering by a Russian issuer since 2Q 2014 and the first offering with a listing of depositary receipts by a Russian issuer on the London Stock Exchange since 2014.
Based on the publicly available reports, Polyus is the largest gold mining company in Russia by reserves and a top-10 gold company globally with one of the lowest cost position. Polyus also ranks second by attributable gold reserves and eighth by production among the world’s largest gold mining companies, according to various industry reports.
The Moscow team advising on the matter included partner Arthur Iliev, counsel Evgeny Soloviev and senior associate Filipp Petyukov. The London team included partners John Connolly and Adrian Cartwright, US counsel Arthur Levi and senior associates Tony Lally and Leonid Stoliarski.