PJSC
Magnitogorsk Iron & Steel Works ("MMK", or "the
Group") (MOEX: MAGN) announces that on 13 June 2024 it
successfully has redeemed notes series ZO-2024, ISIN: RU000A105H64
(the “Replacement Notes”) in the amount of U.S. $307,636,000
4.375%.
In
2019 MMK issued U.S. $500,000,000 4.375% guaranteed notes due 2024,
ISIN: XS1843434959 / US553142AA88 (the “Guaranteed Notes”).
Blocking
restrictions imposed by unfriendly countries on MMK and its key
shareholder, breakdown in transaction functionality between the EU
and Russian clearing systems, negatively affected the availability of
payment of principal amount and interest on the Guaranteed Notes in
compliance with the transaction documentation.
In
2019 MMK issued U.S. $500,000,000 4.375% guaranteed notes due 2024,
ISIN: XS1843434959 / US553142AA88 (the “Guaranteed Notes”).
Due
to existing external restrictions and in compliance with the
requirements of the Order of the President of the Russian Federation
No. 430 dated 5 July 2022 “On the repatriation by residents
participating in foreign economic activity of foreign currency and
the currency of the Russian Federation”, on 8 December 2022 MMK
issued the Replacement Notes in favour of the holders of the
Guaranteed Notes in the amount of 307,636 for the aggregate principal
amount of U.S. $307,636,000. MMK's obligations under the Replacement
Notes have been duly fulfilled.
Concurrently,
ongoing external restrictions continue to have a negative impact on
payments to the holders of remaining part of the Guaranteed Notes.
For updates on the payments to the remaining holders of the
Guaranteed Notes, please contact MMK at notes@mmk.ru.
MMK
is a reliable capital markets player and has a strong balance sheet
with a solid financial position to duly fulfill its payment
obligations in respect of the Guaranteed Notes.
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