09 December ‘22

MMK Sucessfully Issues Replacement Notes

PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN) (“MMK” or the “Guarantor”) announces the results of the issuance of Russian law-governed notes (the “Replacement Notes”) and the repurchase of a significant portion of the U.S. $500,000,000 4.375% guaranteed notes due 2024, issued by MMK International Capital DAC (ISIN: XS1843434959 / US553142AA88) (the “Guaranteed Notes”).

MMK expresses its gratitude to the holders of the Guaranteed Notes who took part in the issuance of the Replacement Notes.

The Replacement Notes were 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 Analytical Credit Rating Agency (ACRA) has assigned AA+ (RU) credit rating to the Replacement Notes (ISIN: RU000A105H64).

Following the issuance of the Replacement Notes, MMK repurchased U.S. $308 mln or 62% of the existing Guaranteed Notes. Total outstanding amount of the Guaranteed Notes now stands at U.S. $192 mln.

The Guarantor continues to examine a number of potential options with respect to its ability to make the coupon payment due under the Guranteed Notes and intends to provide further information to the Noteholders as soon as practicable.

For all questions relating to the Replacement Notes and Guaranteed Notes, please contact MMK at notes@mmk.ru.

Investor Relations Department

Ilya Nechaev
+7 (909) 093-08-98


Communications Department

Dmitriy Kuchumov  
+7 (499) 238-26-13


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