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Evraz starts consent solicitation for three series of notes
Chicago, April 19 – EM-focused Evraz plc started a consent solicitation for three series of notes on Monday, according to an announcement.
The company is soliciting consents regarding its $500 million outstanding 6¾% notes due 2022 (ISIN: XS1405775377), its $750 million outstanding of 5 3/8% notes due 2023 (ISINs: XS1533915721, US30050AAG85) and the $700 million outstanding of 5¼% notes due 2024 (ISIN: XS1843443273, US30052KAA79).
Early consent fees will be paid to noteholders who vote in favor of the proposals on the settlement date. The 2022 noteholders will receive a $2.50 consent fee per note. The 2023 noteholders will receive a $4.50 consent fee per note. And, the 2024 noteholders will receive a $6.50 consent fee per note. Notes are $1,000 each.
Meetings to pass the extraordinary resolutions will be held starting at 7 a.m. ET on May 12, with subsequent meetings for the various series spaced 10 minutes apart.
Background for consents
The company is seeking to demerge its coal business, currently consolidated under PAO Raspadskaya.
The company needs to make amendments to allow for the permitted demerger, adding in language about the transaction, including modifying the definition of “aggregate subsidiary indebtedness” to reflect any debt of a “subsidiary of the issuer with a final maturity later than the repayment date.”
Details
The early consent expiration time and early consent date is 5 p.m. ET on April 30.
The final consent expiration time and final consent date is 12 p.m. ET on May 7.
The meetings, as mentioned above, are scheduled for May 12.
The effective date is not later than two days after the resolutions have been passed.
Settlement for the early consent fees is scheduled for May 14.
J.P. Morgan Securities plc is the solicitation agent (+44 20 7134 2468, em_europe_lm@jpmorgan.com).
The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, evraz@lucid-is.com).
Evraz is a vertically integrated steel making and mining company based in London with operations mainly in Russia.
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