PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN) (“MMK” or
the “Guarantor”) announces the results of the issuance of Russian
law-governed notes (the “Replacement Notes”) and the repurchase
of a significant portion of the U.S. $500,000,000 4.375% guaranteed
notes due 2024, issued by MMK International Capital DAC (ISIN:
XS1843434959 / US553142AA88) (the “Guaranteed Notes”).
MMK expresses its gratitude to the holders of the
Guaranteed Notes who took part in the issuance of the Replacement
The Replacement Notes were issued in compliance
with the requirements of Order of the President of the Russian
Federation No. 430 “On the repatriation by residents participating
in foreign economic activity of foreign currency and the currency of
the Russian Federation” dated 5 July 2022.
The Analytical Credit Rating Agency (ACRA) has
assigned AA+ (RU) credit rating to the Replacement Notes (ISIN:
Following the issuance of the Replacement Notes,
MMK repurchased U.S. $308 mln or 62% of the existing Guaranteed
Notes. Total outstanding amount of the Guaranteed Notes now stands at
U.S. $192 mln.
The Guarantor continues to examine a number of
potential options with respect to its ability to make the coupon
payment due under the Guranteed Notes and intends to provide further
information to the Noteholders as soon as practicable.
For all questions relating to the Replacement
Notes and Guaranteed Notes, please contact MMK at firstname.lastname@example.org.
+7 (909) 093-08-98
+7 (499) 238-26-13