Magnitogorsk again extends consent solicitation, now to July 13

By Mary-Katherine Stinson

Lexington, Ky., June 30 – PJSC Magnitogorsk Iron & Steel Works (MMK) decided to further extend the deadline for its consent solicitation for the $500 million outstanding 4 3/8% notes due 2024 (ISINs: XS1843434959, US553142AA88) issued by MMK International Capital DAC and guaranteed by MMK, according to a notice Thursday.

The new deadline is 11 a.m. ET on July 13.

All other terms of the consent solicitation remain the same.

The company stated the extension was a response to noteholders who had requested additional time to complete internal procedures.

This is the third extension of the deadline. As previously reported, the original deadline was scheduled to be June 9 when the solicitation started on June 6 and was further extended to June 16 and then again to June 30.

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.

© 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.