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May 26, 2022

Update on ALROSA’s Eurobonds

May 26, 2022 – PJSC ALROSA (the Company, the Guarantor), acting as the guarantor for Eurobond issues of Alrosa Finance S.A. (the Issuer), announces that it has received notices from BNY Mellon Corporate Trustee Services Limited (the Trustee) regarding two Eurobond issues maturing in 2024 and 2027 (the Eurobonds). BNY Mellon Corporate Trustee Services Limited notifies that starting 10 May 2022, it is unable to perform its trustee obligations for the Eurobonds due to Council Regulation (EU) 2022/576 of 8 April 2022. As stated in the notice, the Trustee has not resigned and may review its decision if any special licenses are issued.

According to the Eurobond issue documents, the Trustee may terminate its powers as a trustee not earlier than three months after the date of a relevant notice to the Issuer and the Guarantor. However, such termination of powers will only take effect provided there is another trustee for the Eurobonds.

The Issuer and the Guarantor are currently looking into possible implications of the Trustee’s decision for the rights of Eurobond holders and for payments under the Eurobonds given the circumstances.

The Company confirms that it is ready to fully meet its obligations under the Eurobonds and is prepared to answer any questions that Eurobond holders may have about the current situation.

For reference:

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

Previously, 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. The Company is taking all possible steps and measures in order to protect the interests of the Noteholders.

IR team


T: +7 495 620 92 50

Media team

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