Sanction-hit Gazprombank demands $300m loan repayment from Petropavlovsk

20th Apr 2022 08:38

(Sharecast News) - Russian gold miner Petropavlovsk said on Wednesday that it has received notices from Gazprombank demanding immediate repayment of approximately $201.0m due under its committed term facility agreement.

Petropavlovsk said Gazprombank, currently on the UK sanctions list for the purposes of an asset freeze due to Russia's invasion of neighbouring Ukraine, also called for a further repayment of roughly $87.1m by 26 April due under its Russian subsidiaries' revolving credit facilities.

Additionally, the London-listed group received a notice from joint stock company UMMC-INVEST, as successor agent under the term loan, that Gazprombank had assigned all its rights under the term loan and related finance documents to UMMC.

"The company is considering the implications of these notices with its advisers," said Petropavlovsk.

As of 0905 BST, Petropavlovsk shares had sunk 16.19% to 1.78p.