PJSC Magnitogorsk Iron and Steel Works: MMKnotifies on second extention of consent solicitation process

Rhea-AI Summary

PJSC Magnitogorsk Iron & Steel Works (MGMOL) has announced a second extension of the Consent Solicitation for its outstanding U.S. $500,000,000 4.375% Notes due 2024. The deadline for consent submission has been moved from June 16 to June 30, 2022, allowing additional time for investors to approve and submit their consent instructions. The Guarantor expressed gratitude for the support from Noteholders and emphasized the importance of participation. Investors are encouraged to contact the Investor Relations department for further information and documentation related to the Consent Solicitation.

Positive

• The Consent Solicitation deadline has been extended, allowing more time for investors to participate.
• Significant progress in obtaining support from investors has been reported.

Negative

• The need for a second extension may indicate challenges in securing investor consent.

MAGNITOGORSK, Russia--(BUSINESS WIRE)-- PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on the second extension of the Consent Solicitation for its outstanding U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024.

On 9 June 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) announced extension of consent solicitation in relation to the outstanding U.S.$500,000,000 4.375% 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)) (the “Notes”) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 6 June 2022 (the “Consent Solicitation Memorandum”). Capitalized terms used, but not defined herein, shall have the meanings given to them in the Consent Solicitation Memorandum.

The Guarantor is pleased to announce that significant progress has been made in obtaining support from investors and thanks those Noteholders, who have already submitted their Consent instructions. In response to requests from a number of accounts requiring additional time in order to pass internal approvals and submit their signatures, the Guarantor announces further extension. The Guarantor thanks all investors who have provided their feedback on the terms of Consent and amendments sought. The Guarantor hereby notifies the Noteholders that it has decided to further extend the Consent Deadline period from 16 June 2022 (4 p.m. (London time)) to 30 June 2022 (4 p.m. (London time)) (the “Updated Consent Deadline”).

Amendments to the Consent Solicitation are limited to the Updated Consent Deadline, as outlined above. All other terms of the Consent Solicitation will remain the same.

The Guarantor strongly encourages those Noteholders that have not yet participated in the Consent Solicitation to liaise at their earliest convenience 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. Noteholders who have already delivered Consent Instructions in the Consent Solicitation will be deemed to have consented to the Amendments unless they validly revoke their Consents prior to the earlier of the Effective time and the Updated Consent Deadline.

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: ir@mmk.ru.

ISIN:	US5591892048
Category Code:	MSCM
TIDM:	MMK
LEI Code:	253400XSJ4C01YMCXG44

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220617005233/en/

INVESTOR RELATIONS DEPARTMENT

Veronika Kryachko

+7 (3519) 25-75-01

kryachko.vs@mmk.ru



COMMUNICATIONS DEPARTMENT

Dmitriy Kuchumov

+7 (499) 238-26-13

kuchumov.do@mmk.ru

Source: PJSC Magnitogorsk Iron and Steel Works

FAQ

What is the new consent deadline for MGMOL's Notes?

The new consent deadline for MGMOL's Notes is June 30, 2022.

Why was the consent solicitation deadline extended for MGMOL?

The deadline was extended to provide additional time for investors to pass internal approvals and submit their consent instructions.

What amount is involved in MGMOL's Consent Solicitation?

The Consent Solicitation involves $500,000,000 of 4.375% Guaranteed Notes due 2024.

Who should MGMOL Noteholders contact for more information?

Noteholders should contact the Investor Relations department or Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau for more information.