Nordgold unable to transfer funds for payment on coupon of dollar-denominated Eurobonds

MOSCOW. April 12 (Interfax) - Nordgold has joined the ranks of Russian borrowers that have been unable to render payments for Eurobonds on time because of technical issues.

Specifically, the company should have rendered payment totaling $8.25 million on April 9 on the coupon for its Eurobonds 2024. Payments that fall on a weekend or day off are usually automatically forwarded to the following business day.

Owing to technical matters encountered by the issuer, Celtic Resources Holdings DAC and Eurobond guarantors, which are Nordgold enterprises, payment could not be rendered on the coupon on time by transferring the funds to the account of the main paying agent, the company said in a statement.

Nordgold emphasizes that it has all the necessary financial resources to render payments on the Eurobonds, and will continue to interact with the trustee and paying agent on the issue.

Alexei Mordashov, who owns Nordgold, was included in the European Union's so-called sanctions black list in late February. In early March, it became known that Mordashov had transferred control of the gold miner to the mother of his children and left the board of directors.