Severstal sets noteholder meeting for 3.15% loan notes due 2024

By Marisa Wong

Los Angeles, Oct. 12 – PAO Severstal is calling a meeting for holders of its $800 million 3.15% series 6 loan participation notes due 2024 issued by Steel Capital SA (ISIN: XS2046736919, US85805RAE80), according to a notice.

The purpose of the meeting is for holders to consider and vote on an extraordinary resolution to approve some amendments to and waivers under the notes.

The meeting will be held by videoconference and will begin at 9 a.m. ET on Nov. 3.

The quorum required for the extraordinary resolution to be considered at the meeting will be one or more persons holding or representing at least two-thirds of the principal amount of the notes outstanding.

If the quorum is not present, the meeting will be adjourned for a period of at least 14 days but not more than 42 days. At the adjourned meeting, the quorum will be one or more persons holding or representing at least one-half of the principal amount outstanding.

To be passed, the extraordinary resolution must obtain affirmative votes from holders of least two-thirds of the notes represented at the meeting or adjourned meeting.

The consent solicitation memorandum can be obtained by email at svs24@lcpis.ru.

Legal Capital Investor Services LLC (+7 495 122 05 17; www.lcpis.ru) is the information and tabulation agent.

Citibank, NA, London Branch is the trustee.

Severstal is a steel and mining company based in Cherepovets, Russia.

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