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Russia’s Rusal solicits consents for new trustee, interest deferral
Chicago, July 12 – Rusal Capital DAC launched a consent solicitation for two notes on Tuesday to appoint a new trustee and defer interest on the notes due to global events, according to a statement.
The notes that are part of the solicitation are the $491,205,000 outstanding 5.3% guaranteed notes due 2023 (ISINs: XS1577964965, US781764AB16) and the $500 million outstanding 4.85% guaranteed notes due 2023 (ISINs: XS1759468967, US781764AC98).
The original trustee (BNY Mellon Corporate Trustee Services Ltd.) notified the company on May 9 that it will be unable to continue acting as the trustee due to sanctions imposed by the European Union and, then later, the United States.
The solicitation allows for the appointment of a new trustee and the potential appointment of a successor trustee, if necessary, in the future.
Additionally, the company is seeking consents to defer interest until the earlier of the maturity date of the respective notes or another date as may be set out in an extraordinary resolution authorizing the appropriate measures.
As background, some noteholders have not received recent interest payments from the depositories due to restrictions.
“The issuer and the guarantors are actively working on the development of a solution that will ensure the receipt of the principal and interest under the notes by all noteholders in accordance with applicable legislation,” the statement says.
For the solicitation to be successful, noteholders representing at least 75% of the outstanding notes must send in completed and signed written resolutions to the information and tabulation agent by 11 a.m. ET on July 22.
Copies of the written resolution can be obtained from the information and tabulation agent, i2 Capital Markets Ltd. (+44 203 633 1212, info@i2capmark.com, https://i2capmark.com/event-details/ 63/Holder/rusal-capital-dac).
Rusal is a Moscow-based aluminum company.
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