PJSC Magnitogorsk Iron and Steel Works: MMK notifies about 2024 Eurobond coupon payment in June 2022

Rhea-AI Summary

PJSC Magnitogorsk Iron & Steel Works (MGMOL) announced the upcoming coupon payment of $500 million in 4.375% Guaranteed Notes due 2024, scheduled for June 2022. The company is contemplating various strategies to facilitate this payment due to existing uncertainties surrounding cross-border transactions. MMK requests Noteholders to provide specific information regarding their holdings to assist in the payment process. This announcement highlights the company's ongoing financial commitments amid challenges in fund transfers.

Positive

• None.

Negative

• Uncertainties regarding cross-border payments could complicate the scheduled coupon payment.
• Need for Noteholders to disclose personal holdings may raise privacy concerns.

MAGNITOGORSK, Russia--(BUSINESS WIRE)-- PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies about 2024 Eurobond coupon payment in June 2022.

U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024 (the “Notes”) issued by MMK International Capital DAC (the “Issuer”)

Common Code: 184343495 / 111730628

ISIN: XS1843434959 / US553142AA88

Pursuant to the Trust Deed entered into between the Issuer, PJSC Magnitogorsk Iron & Steel Works and Citibank, N.A., London branch on 13 June 2019 (the “Trust Deed”), 13 June 2022 is the scheduled payment date for the next coupon payment for the Notes (the “June 2022 Interest”).

Given the existing uncertainty and restrictions regarding the transfer and receipt of funds (including, loan interest and coupon income) in various jurisdictions, in particular, cross-border payments, MMK is considering various options how it may facilitate the payment of the June 2022 Interest. MMK therefore and, in order to ease the payments, kindly requests the Noteholders (as defined in the Trust Deed) to disclose the following information to MMK:

(1) name of the Noteholder and type of Notes in holdings: Regulation S Notes (ISIN: XS1843434959) or Rule 144A Notes (ISIN: US553142AA88);

(2) the notional value of the Notes; and

(3) the location of the depository.

The information should be provided to MMK at ir@mmk.ru with subject “June 2022 Interest - Noteholders”.

Those Noteholders who do not wish to disclose the information requested above at this stage are invited to instruct their brokers/depository to disclose the information about their holding without providing the information on the UBO.

ISIN:	US5591892048
Category Code:	MSCM
TIDM:	MMK
LEI Code:	253400XSJ4C01YMCXG44
Sequence No.:	160277

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005366/en/

Investor Relations Department

Veronika Kryachko

+7 (915) 380-62-66

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 upcoming coupon payment amount for MGMOL?

The upcoming coupon payment amount for MGMOL is $500 million.

When is the coupon payment due for MGMOL?

The coupon payment for MGMOL is due in June 2022.

What interest rate is associated with MGMOL's 2024 Eurobond?

The interest rate associated with MGMOL's 2024 Eurobond is 4.375%.

What actions is MGMOL considering for the coupon payment?

MGMOL is considering various options to facilitate the coupon payment due to uncertainties in fund transfers.

What information does MGMOL request from Noteholders?

MGMOL requests Noteholders to disclose their name, type of Notes held, notional value, and depository location.