| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Steel Capital SA > News item |
Severstal extends deadline for written resolutions to Aug. 16
Chicago, Aug. 8 – PAO Severstal has extended the deadline for written resolutions from noteholders to 11 a.m. ET on Aug. 16, according to a press release.
The company, previously reported, is seeking consents from noteholders of the $634,051,000 of outstanding 5.9% series 3 loan participation notes due 2022 to amend the terms of the notes in response to international sanctions.
Severstal is seeking consents to pay noteholders in rubles, defer an interest payment and redeem the loan and notes early.
Severstal is also seeking consent to defer the April 2022 interest and coupon to the payment date with no accrued default interest or similar payment and/or being payable with respect to any amount of the April 2022 interest and/or coupon. To date, the interest under the loan and under the notes due on April 17 have not been paid and remain outstanding.
Lastly, Severstal is seeking consent for an early redemption of the loan and the notes then outstanding at par with accrued interest on Aug. 29.
The written resolution will become effective if signed by or on behalf of at least two-thirds of the holders of the principal amount of the outstanding notes.
The early redemption is independent of the other proposals and will only become effective if the amended payment and interest deferral proposals also become effective.
The loan participation notes were issued by Steel Capital SA on Oct. 15, 2012 for the purpose of funding a loan to Severstal. The original issue size was $750 million.
Noteholders may deliver their written resolutions, or arrange to have them delivered on their behalf, to Lecap at svs22@scpis.ru.
Questions can be directed to Lecap at that email address or by calling +7 495 1220517.
Severstal is also available to answer questions (+7 495 9610195, ir@severstal.com).
Severstal is a steel and mining company based in Cherepovets, Russia.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.