Edition:
United States

Petropavlovsk Announces New Recourse Agreement


Tuesday, 26 Feb 2019 09:59am EST 

Feb 26 (Reuters) - Petropavlovsk PLC ::ANNOUNCEMENT REGARDING NEW RECOURSE AGREEMENT.SAYS NEW RECOURSE AGREEMENT IS IN CONNECTION WITH GUARANTEE AGREEMENTS BEING PROVIDED BY PETROPAVLOVSK FOR GAZPROMBANK FACILITIES.PURPOSE OF AGREEMENT IS TO ENABLE CO, IF THERE IS CREDIT DEFAULT UNDER GAZPROMBANK FACILITIES, TO ADVANCE FUNDS TO IRC.SAYS NEW RECOURSE AGREEMENT IS ALSO TO AVOID GAZPROMBANK CLAIMING DIRECTLY FROM PETROPAVLOVSK UNDER GUARANTEE AGREEMENTS.SAYS AS AT DATE OF THIS ANNOUNCEMENT, NO LOAN HAS BEEN DRAWN DOWN UNDER NEW RECOURSE AGREEMENT. 

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