PJSC Magnitogorsk Iron and Steel Works: MMK notifies on extension of consent solicitation process

Rhea-AI Summary

PJSC Magnitogorsk Iron & Steel Works (MGMOL) has announced an extension of the Consent Solicitation period for its outstanding U.S. $500,000,000 4.375% Guaranteed Notes due 2024. The original Consent Deadline of June 9, 2022, has been moved to June 16, 2022, to allow more time for Noteholders to submit their Consent Instructions. The company encourages participation and indicates that amendments will be limited to the new deadline, with all other terms remaining unchanged. Related documents will be available upon request.

Positive

• Extension of Consent Deadline allows more participation from Noteholders.
• No changes to other terms of the Consent Solicitation maintain stability.

Negative

• Tight timeline previously limited response from Noteholders.
• Need for extension indicates possible lack of initial engagement.

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

On 6 June 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) announced a 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 thanks all Noteholders who have responded promptly on the demanding Consent Deadline (4 p.m. today (London time) (“Consent Deadline”). The Guarantor expects to receive further Consent instructions from Noteholders that have not yet submitted their instructions due to tight timeline. With a view to receiving the outstanding Consent Instructions necessary to achieve the Requisite Consents, the Guarantor hereby notifies the Noteholders that it has decided to extend the Consent Deadline period from 9 June 2022 (4 p.m. (London time)) to 16 June 2022 (4 p.m. (London time)) (the “New Consent Deadline”).

Amendments to the Consent Solicitation are limited to the New 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 New 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
Sequence No.:	167356

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005934/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 4.375% Notes?

The new Consent Deadline is June 16, 2022, at 4 p.m. London time.

What are the terms of the Consent Solicitation for MGMOL?

The Consent Solicitation pertains to U.S. $500,000,000 in 4.375% Guaranteed Notes due 2024.

Why was the Consent Deadline for MGMOL extended?

The extension was made to allow additional time for Noteholders to submit their Consent Instructions.

How can Noteholders contact MGMOL regarding the Consent Solicitation?

Noteholders can contact MGMOL's Investor Relations department via email at ir@mmk.ru.

What amendments are included in the Consent Solicitation for MGMOL?

Amendments are limited to the new Consent Deadline, with all other terms remaining the same.