MMK issues Replacement Notes
PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN) (“MMK”) notifies of the issuance of Russian law-governed notes (the “Replacement Notes”) to exchange U.S. $500,000,000 4.375% guaranteed notes due 2024, issued by MMK International Capital DAC (ISIN: XS1843434959 / US553142AA88) (the “Guaranteed Notes”).
The Replacement Notes are to be issued in compliance with the requirements of Order of the President of the Russian Federation No. 430 “On the repatriation by residents participating in foreign economic activity of foreign currency and the currency of the Russian Federation” dated 5 July 2022.
The principal terms of the Replacement Notes (the amount, timing of coupon payments, the maturity date and principal amount) are on par with the existing Guaranteed Notes. The first coupon payment on the Replacement Notes due in December 2022 will include the amount of a coupon payment accrued on the Guaranteed Notes which was due from MMK International Capital DAC on 13 June 2022 under the Eurobonds. Payments due under the Replacement Notes will be made by MMK in Russian roubles, where an amount due in US dollars will be converted to Russian roubles at the Bank of Russia's exchange rate for the pair Russian rouble / US dollar on the relevant payment date.
The period for submitting offers by the holders of the Guaranteed Notes to exchange the Guaranteed Notes for the Replacement Notes will commence on 24 November 2022 (9 a.m. Moscow time) and terminate on 2 December 2022 (4 p.m. Moscow time).
Instructions describing the exchange procedure of the Guaranteed Notes can be found here.
To fill out an offer to exchange the Guaranteed Notes for the Replacement Notes please visit https://mmk.ru/ru/oferta/.
IMPORTANT NOTICE: If you are considered to be a retail investor, before filling the offer, we kindly ask you to contact your broker regarding the exchange of the Guaranteed Notes for the Replacement Notes.
The full information about the exchange procedure of the Guaranteed Notes can be found at https://mmk.ru/en/investor/info-for-investors/bonds/.
For all questions relating to the Replacement Notes, please contact MMK at email@example.com.
Investor Relations Department
+7 (909) 093-08-98
+7 (499) 238-26-13