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Russia’s Metalloinvest Finance gets needed consents for 3 3/8% notes
By Marisa Wong
Los Angeles, Sept. 16 – Metalloinvest Finance DAC announced it completed its Aug. 24 consent solicitation for its $650 million outstanding 3 3/8% guaranteed notes due 2028 (ISINs: XS2400040973, US59126LAB45).
At the meeting held on Sept. 15, holders representing 71.1% in principal amount of the outstanding notes were present or represented, and the extraordinary resolution in favor of the proposals was passed, according to a notice on Friday.
A deed of amendment to the trust deed and a deed of acknowledgement were executed on Sept. 16. As a result, removal of Deutsche Trustee Co. Ltd. as the trustee and appointment of i2 Capital Trust Corp. Ltd. as the trustee have become effective.
The voting deadline was 11 a.m. ET on Sept. 13.
The meeting required a quorum of two-thirds of the notes.
As previously reported, the issuer sought consents to remove the trustee and replace it with a new trustee; to amend the procedure for retirement of the trustee to allow an appointment of a co-trustee in the event of legislation, regulations or further sanctions resulting in an inability of the trustee to act; to reduce liability under the trust deed if any guarantor designates the notes as canceled irrespective of whether they are actually canceled; to allow direct payments of principal and interest under the notes held at the Russian securities custodians or depositaries with Euroclear, Clearstream, Luxembourg, DTC or an alternative clearing system; and to extend the grace period to 30 business days in which a failure to make payments can be remedied without default.
The information and tabulation agent was i2 Capital Markets Ltd. (+44 20 3633 1212, metalloinvest@i2capmark.com, https://www.i2capmark.com/event-details/73/Holder/metalloinvest-finance-dac).
The issuer is a Moscow-based mining and metallurgy company.
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