Magnitogorsk further extends consent solicitation to June 30

By William Gullotti

Buffalo, N.Y., June 17 – PJSC Magnitogorsk Iron & Steel Works (MMK) extended the deadline for its consent solicitation for the $500 million 4 3/8% notes due 2024 (ISIN: XS1843434959, US553142AA88) issued by MMK International Capital DAC and guaranteed by MMK, according to a press release on Thursday.

The solicitation deadline has been further extended to 11 a.m. ET on June 30 from 11 a.m. ET on June 16.

According to the press release, the deadline extensions have been made in response to requests from multiple accounts that require additional time to confirm internal approvals and submit their signatures.

The original deadline was scheduled to be June 9 when the solicitation started on June 6.

All other terms of the consent solicitation remain the same.

As previously reported, in relation to the blocking restrictions introduced by the European Union and the United Kingdom, the issuer and guarantor are asking noteholders to agree to some amendments and waivers to the terms of the notes for the purposes of ensuring the due and punctual performance in relation to the notes and in order to protect the rights and interests of the noteholders.

MMK is encouraging noteholders to liaise with its investor relations department (ir@mmk.ru) or Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau (MMKconsentsolicitation2022@rgd.legal) directly to obtain a copy of the consent solicitation memorandum.

The iron and steel company is based in Magnitogorsk, Russia.

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