Alrosa Finance S.A., the issuer of Eurobonds guaranteed by PJSC Alrosa, informs that it has received a notice from the Irish Stock Exchange (Euronext Dublin), stating that their listing has been suspended and will terminate with effect from 12th April, 2022, due to the sanctions imposed by the European Union against Russia.
The company is looking 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.
Alrosa said 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.
Alrosa Finance S.A. has two outstanding note issues for $500 million 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 7th April, 2022 by the US government on the issuer and the guarantor, as well as the UK’s sanctions of 24th March, 2022, it has become technically impossible to properly fulfil the obligations under the notes, Alrosa said. The issuer and the guarantor are looking into ways to enable proper performance of the said obligations.
The company said it 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 $0.9 billion.