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April 11, 2022

ALROSA’s Eurobonds to be delisted

11 April 2022 – The Irish Stock Exchange (Euronext Dublin) will delist ALROSA’s Eurobonds with effect from 12 April 2022.

Alrosa Finance S.A. (the Issuer), the issuer of Eurobonds guaranteed by PJSC ALROSA (the Company, the Guarantor), informs that it has received a notice from the Irish Stock Exchange (Euronext Dublin), where the Notes have been listed, stating that their listing has been suspended and will terminate with effect from 12 April 2022 due to the sanctions imposed by the European Union against Russia.

The Company assures that it will make every effort to secure a listing on another stock exchange that meets the requirements stipulated in the Notes documentation considering limitations imposed by the sanctions. Noteholders will be notified about the status of this move at a later date.

The delisting from the Irish Stock Exchange (Euronext Dublin) will not in itself adversely affect the Company’s ability to service its liabilities under the Notes, nor will it limit in any way the holders’ rights with respect to the Notes or payments to be made under them. The Issuer and the Guarantor are committed to meeting their obligations under the Notes in full.

For reference:

Alrosa Finance S.A. has two outstanding Note issues for $500 m each with maturities in 2024 and 2027, respectively.

Last week, the Company circulated an update on the $11,625,000 coupon payment under the Notes maturing in 2024. Due to the blocking sanctions imposed on 7 April 2022 by the US government on the Issuer and the Guarantor, as well as the UK’s sanctions of 24 March 2022, it has become technically impossible to properly fulfil the obligations under the Notes. The Issuer and the Guarantor are looking into ways to enable proper performance of the said obligations.

The Company is totally financially sustainable and is in possession of all financial resources necessary to fulfill the coupon payments. As at the end of 2021 ALROSA had a 0.4x Net Debt/EBITDA, its cash and cash equivalents were US$0.9 bn. The Company is taking all possible steps and measures in order to protect the interests of the Noteholders:

  • Following the Russian Presidential Decree of 5 March 2022, the Company applied to the Ministry of Finance of the Russian Federation and was granted a resolution to make international payments to foreign creditors in foreign currency;

  • The Company asked its Principal Paying Agent and the Trustee (The Bank of New York Mellon, London Branch and BNY Mellon Corporate Trustee Services Limited respectively) to apply to the Office of Financial Sanctions Implementation (the “OFSI”) to issue a special license allowing the Issuer or the Guarantor to make the coupon payment under the Notes;

  • The Company applied to “OFSI” to issue a special license allowing the Issuer or the Guarantor to make the coupon payment under the Notes. This applications requests that “OFSI” grants specific license authorizing the UK’ financial institutions and other parties, including the Principal Paying Agent, to process the normal onward payment towards the Noteholders.

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