Russia’s Rusal extends consent solicitation deadline to Wednesday

Chicago, Sept. 6 – Rusal Capital DAC announced that it would extend its consent solicitation for its $491,205,000 outstanding 5.3% guaranteed notes due 2023 (ISINs: XS1577964965, US781764AB16) to 11 a.m. ET on Sept. 7, according to a notice.

Background

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.

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.

Consent solicitation

The original solicitation was launched on July 12.

The solicitation was initially not successful.

It was relaunched on Aug. 4, covering the two notes from the original announcement. It covered the 5.3% guaranteed notes listed above and the $500 million outstanding 4.85% guaranteed notes due 2023 (ISINs: XS1759468967, US781764AC98).

The company garnered the necessary consents and the written resolutions became effective on Aug. 12 for the 4.85% guaranteed notes due 2023.

The second solicitation had an initial approval deadline of 11 a.m. ET on Aug. 8.

For the 5.3% notes, it was extended to Aug. 19, Aug. 31 and now Sept. 7.

Copies of the written resolution can be obtained from the information and tabulation agent, i2 Capital Markets Ltd. (+44 20 3633 1212, info@i2capmark.com, https://i2capmark.com/event-details/ 63/Holder/rusal-capital-dac).

Rusal is a Moscow-based aluminum company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.