Nornickel makes payment; check with clearing systems for problems

Chicago, Nov. 1 – Russia’s PJSC MMC Norilsk Nickel provided an update regarding a Sept. 11 interest payment on its $500 million 2.55% loan participation notes due 2025 issued by MMC Finance DAC, according to an announcement.

Per the amendment dated Sept. 16, the company made payments for Russian holders through Russian securities custodians. Those noteholders have already received their payments.

For payments other than domestic payments, the company has been informed by the principal paying agent that payment was made to the international clearing systems on Oct. 21.

As far as the company knows, the payment has been credited to the accounts of the relevant international clearing systems.

However, the company says that the international clearing systems have not transferred the payment further to the accounts of all relevant holders (ISIN: XS1298447019).

At least some holders, whose notes were recorded at Euroclear, have received all payments due on Oct. 14.

Nornickel believes it has taken all possible steps to make the Sept. 11 interest payment.

Holders who have not received their interest payments should address queries and requests related to the interest payment to the respective international clearing systems either directly or through their respective depositories or brokers.

The company says there has been no event of default under the loan agreement.

MMC Norilsk Nickel is a Moscow-based mining and metallurgical company.

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