PJSC Magnitogorsk Iron and Steel Works: MMK notifies on initiation of bondholders’ consent solicitation process
MMK notifies on initiation of bondholders’ consent solicitation process 06 JUNE 2022 Magnitogorsk, Russia PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on initiation of bondholders’ consent solicitation process ("Consent Solicitation").
PUBLIC JOINT STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS (the “Guarantor”)
with respect to the U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024 issued by MMK INTERNATIONAL CAPITAL DAC (the “Issuer”)
(ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code))
issued by the Issuer and unconditionally and irrevocably guaranteed by Public Joint Stock Company Magnitogorsk Iron & Steel Works
Due to blocking restrictions introduced by the EU and UK, breakdown in transaction functionality between the EU and Russian clearing systems and currency controls introduced by the Russian authorities, payments of interest made by the Guarantor for the benefit of the Noteholders may get blocked, frozen or delayed for an uncertain period of time by the clearing systems or other entities processing those payments.
The Guarantor assures that:
- it has sufficient financial resources and is making every effort to effect payment of interest due to the Noteholders as soon as processing of payments could be assured;
- for the purposes of receiving the licenses from the relevant US, UK and Irish authorities which are required to ensure the due exercise of rights and obligations in relation to the Notes compliant with all applicable sanctions, it is now preparing documents for filings with the relevant authorities.
Considering the foregoing, the Issuer and the Guarantor are initiating a Consent Solicitation and invite Noteholders to agree to certain amendments and/or waivers to the terms of the Notes for the purposes of ensuring the due and punctual performance in relation to the Notes and in order to protect the rights and interests of the Noteholders.
The Guarantor encourages the Noteholders to liaise with its Investor Relations department and/or Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau (“RGD”) directly to obtain a copy of the Consent Solicitation Memorandum and to discuss other related matters.
All documentation relating to the Consent Solicitation, together with any updates, will be available upon request to RGD at MMKconsentsolicitation2022@rgd.legal . In your communique, please also confirm the aggregate notional amount of the Notes that you hold and the location of the depository.
Noteholders may contact RGD via email at MMKconsentsolicitation2022@rgd.legal if they require assistance. Should the Noteholders have any additional questions, please contact with the Guarantor’s Investor Relations department via email at: email@example.com .
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
STALLERGENES-GREER2.7.2022 15:10:09 CEST | Press release
Positive Results of EfficAPSI Real-World Study Confirm Significant Benefit of Sublingual Liquid AIT Treatment on the Onset and Worsening of Asthma in Patients With Allergic Rhinitis
CA-BOYD1.7.2022 17:31:05 CEST | Press release
Boyd Acquires Sensata’s Thermal Test and Controls Business
NY-IFF1.7.2022 15:47:08 CEST | Press release
IFF Completed Divestiture of Microbial Control Business
MN-DIGI-INTERNATIONAL1.7.2022 15:02:10 CEST | Press release
Digi International Unveils Digi XBee LR Module for LoRaWAN Connectivity for IoT Deployments
JUNIPER-NETWORKS1.7.2022 14:37:12 CEST | Press release
Juniper Networks Announces Cloud Metro Innovation to Drive Sustainable Business Growth for Service Providers
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom