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Evraz passes resolution for replacement trustee for 5¼% notes
By Mary-Katherine Stinson
Lexington, Ky., Dec. 23 – Evraz plc announced results on Friday of its consent solicitation to approve a replacement trustee for its $700 million 5¼% notes due 2024 (ISIN: XS1843443273, US30052KAA79).
At the adjourned meeting held at noon ET on Dec. 22, the appointment extraordinary resolution and the amendment extraordinary resolution were each passed.
The amendments to the 2024 notes will become effective upon execution of the deed of appointment and the supplemental trust deed, which will be separately notified to investors by the issuer.
As previously reported, the noteholders were being 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 also seeking amendments to introduce a new procedure for substitution of the issuer, the removal of some covenants applicable to the issuer, the removal of some events of default, the reduction in 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.
Legal Capital Investor Services (+7 495 122 05 17, evraz@lcpis.ru, www.lcpis.ru) is the information and tabulation agent.
As of Nov. 15, $700 million of the 2024 notes were outstanding.
Evraz is a vertically integrated steel making and mining company based in London with operations mainly in Russia.
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