Nornickel successfully places a USD 500 million Eurobond

PJSC “MMC “NORILSK NICKEL”, the world’s largest producer of palladium and high-grade metal nickel and a major producer of platinum and copper, announces today the closing of its USD 500 million Eurobond offering with an annual coupon rate of 2.80% and maturing in October 2026. The proceeds from the issue will be used for general corporate purposes, including capital investments and refinancing.

Following several weeks of market volatility and diminishing risk appetite of international investors, Nornickel skillfully spotted an opportune issuance window and fixed the lowest ever spread to MS/UST rate in the history of its public offerings, with a very modest new issue concession compared to other recent deals from the CEE & CIS. The offering enjoyed healthy investor demand with the orderbook peaking at above USD 1.7 billion and final allocations distributed among 90+ accounts, representing high quality buy-and-hold institutional investors from Continental Europe (42%) and UK/US (17%), as well as Russia (25%), Switzerland (13%) and Asia (3%).

Sergey Malyshev, the Company’s Senior Vice-president and Chief Financial Officer, commented: “We are satisfied with another strong result of a primary Eurobond placement, especially in these challenging market conditions, and are grateful for the investors’ support and appreciation of Nornickel’s strong credit profile as well as our progress with the most sensitive and significant items of ESG development agenda”.