Novolipetsk Steel (the “Company”) informs that the scheduled
coupon payment under the Loan Participation Notes (XS1577953174) due
2024 (the 'Notes') was successfully processed on 21 March 2022. The
Company has duly performed its obligations under the Notes in
accordance with their terms.
The Company has received a confirmation that
foreign noteholders started to receive their coupon payments.
However, the coupon payments did not reach the
noteholders based in Russia. This is due to the fact that
International Central Securities Depositories Euroclear and
Clearstream are no longer settling transactions with Russia’s
National Settlement Depository. We currently see no legal grounds
prohibiting Euroclear and Clearstream to process payments to Russian
Novolipetsk Steel remains fully committed to
perform its obligations towards noteholders irrespective of the
jurisdiction. We currently consider alternative ways to deliver the
coupon payments to the noteholders based in Russia.
NLMK Group is the largest steelmaker in Russia and
one of the most efficient in the world.
NLMK Group’s steel products are used in various
industries, from construction and machine building to the
manufacturing of power-generation equipment and offshore wind
NLMK operates production facilities in Russia,
Europe, and the United States. The Company’s steel production
capacity exceeds 18 million tonnes per year.
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