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Evraz trustee appointment and amendments effective for 5 3/8% notes
By Mary-Katherine Stinson
Lexington, Ky., Dec. 19 – Evraz plc announced in a press release that the appointment of the replacement trustee and the amendments adopted as part of the consent solicitation for its outstanding $750 million 5 3/8% notes due 2023 (ISIN: XS1533915721, US30050AAG85) have become effective on Dec. 19.
The amendments are binding on all noteholders.
As previously reported, the noteholders were asked to approve the appointment of Legal Capital Investor Services to replace and succeed BNY Mellon Corporate Trustee Services Ltd. as trustee. BNY Mellon notified Evraz on May 9 of its inability to perform its obligations due to international sanctions targeting Russian entities and individuals and counter-measures taken, all of which have resulted in the obstruction of payment processing.
Evraz was conducting the consent solicitation both for the 2023 notes and its $700 million 5¼% notes due 2024 (ISIN: XS1843443273, US30052KAA79) to amend the notes to introduce a new procedure for substitution of the issuer, to remove some covenants applicable to the issuer and some events of default and to reduce the necessary majority of noteholders required to pass an extraordinary resolution and the making of some consequential and other technical changes to the trust deed as set out in the consent solicitation.
The appointment extraordinary resolution and the amendment extraordinary resolution were each passed at the Dec. 7 noteholder meeting in the case of the 2023 notes. However, the meeting regarding the 2024 notes was adjourned for lack of a quorum. The adjourned meeting will be held at noon ET on Dec. 22.
Legal Capital Investor Services (+7 495 122 05 17, evraz@lcpis.ru, www.lcpis.ru) is the information and tabulation agent.
Evraz is a vertically integrated steel making and mining company based in London with operations mainly in Russia.
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