MMK noteholders appoint new trustee

MMK noteholders appoint new trustee
Image: MMK. / bne IntelliNews
By bne IntelIiNews October 20, 2022

Noteholders of the Magnitogorsk Iron and Steel Works’ $500,000,000 4.375% Guaranteed Notes due 2024 have voted to elect a new trustee and simplify the procedure for the cancellation of the notes.

A press release on the MMK website says: “At 1:00 p.m. (London time) on 12 October 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) held via a teleconference the adjourned meeting of the Noteholders (the “New Meeting”) in relation to the Consent Solicitation on its outstanding U.S.$500,000,000 4.375% Guaranteed Notes due 2024 (the “Notes”) issued by MMK International Capital DAC and unconditionally and irrevocably guaranteed by the Guarantor (ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 5 September 2022 (the “Consent Solicitation Memorandum”).

“The quorum required to vote on the Guarantor’s Proposals was present at the New Meeting and the Noteholders approved two Extraordinary Resolutions, which contained, inter alia, the resignation of the Trustee (Citibank N.A., London branch) and the appointment of the New Trustee (LLC “LCP Investor Services”), and the simplified procedure for cancellation of the Notes.”

MMK is one of the world's largest steel producers. It produces a broad range of steel products with a predominant share of high-value-added products. The company is listed on the Moscow Exchange.

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