PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK)
notifies on suspension of the Consent Solicitation for its
outstanding U.S.$500,000,000 4.375% Guaranteed Notes due 2024.
On 6 June 2022, PJSC Magnitogorsk Iron & Steel
Works (the “Group” or 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’s management expresses its
gratitude for the significant support and cooperation demonstrated by
the Noteholders in connection with the Consent Solicitation. At this
stage the Guarantor has determined to put the Consent Solicitation on
hold, pending the outcome of applications filed with regulatory
bodies in relevant jurisdictions seeking to obtain licenses that
would, if granted, enable the Guarantor, the Issuer, the Principal
Paying Agent and the Clearing Systems to receive and process payments
in relation to the Notes.
Meanwhile, the Guarantor continues to examine a
number of potential options with respect to its ability to make the
coupon payment due under the Notes. The Guarantor intends to provide
further information to Noteholders as soon as practicable.
For any inquiries please contact with the
Guarantor’s Investor Relations department via email at: firstname.lastname@example.org.