Nyrstar: US Chapter 15 Recognition Order granted and Final Completion of the Recapitalisation
July 31 2019 - 6:15AM
Nyrstar: US Chapter 15 Recognition Order granted and Final
Completion of the Recapitalisation
THIS NOTICE IS NOT
FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF
AMERICA, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BE PROHIBITED BY APPLICABLE
LAW
Regulated Information
Nyrstar: US Chapter 15 Recognition Order
granted and Final Completion of the Recapitalisation
31 July 2019 at 13.15 CEST
On 15 April 2019, Nyrstar
NV (“Nyrstar” or the “Company”) announced (the “15 April
Announcement”) that it had entered into a lock-up agreement for the
recapitalisation of the Group with representatives of its key
financial creditor groups (the “Lock-Up
Agreement”).
For further details of the terms of the
Recapitalisation, please refer to the 15 April Announcement and to
the subsequent announcements made by Nyrstar. All capitalised terms
in this announcement shall have the meanings given to them in the
15 April Announcement unless otherwise defined.
US Chapter 15 Recognition Order
granted
By way of update, on 30 July 2019, the United
States Bankruptcy Court, Southern District of New York, granted
recognition of the Scheme of Arrangement of NN2 Newco Limited
pursuant to Chapter 15 of the Bankruptcy Code.
Final Completion of the
Recapitalisation
Nyrstar also announces that all the
Recapitalisation steps have now been completed today (in accordance
with the timetable previously announced). Accordingly, the
Recapitalisation of the Nyrstar Group is now fully effective
including:
- the 2019 Notes, 2024 Notes and the Convertible Bonds (together
the “Notes”) have been released in exchange for the issuance of new
securities to the holders of such Notes
- the SCTF, the Unsecured Facilities, the TFFA and the Bridge
Finance Facility have each been amended and restated (as described
in the Practice Statement Letter published by NN2 Newco Limited on
19 June 2019)
- the €160 million New Revolving Facility has been provided
- Trafigura now holds 98% of the outstanding shares in NN2 Newco
Limited, with the Company holding the remaining 2% of shares in NN2
Newco Limited
Further to the announcement made on 27 June
2019, Nyrstar confirms that Hilmar Rode will remain a director and
will continue to take up the responsibilities of Chief Executive
Officer of Nyrstar, whilst Nyrstar notes that Daniel Vanin has
today been appointed as the Chief Executive Officer of the
Operating Group now indirectly controlled by Trafigura.
None of the Trustees, the Information Agent or
any of their respective agents accepts any responsibility for the
information contained in this announcement and none of Nyrstar NV,
NN2 Newco Limited, the Trustee, the Information Agent, or any of
their respective directors, employees or affiliates makes any
representation or recommendation whatsoever regarding the practice
statement letter. No offer to acquire any Convertible Bonds or 2024
Notes or 2019 Notes is being made pursuant to this announcement. If
beneficial holders are in any doubt as to the action they should
take, they should seek their own financial and legal advice,
including in respect of any tax consequences, immediately from
their broker, bank manager, solicitor, accountant or other
independent financial, tax or legal adviser.
This announcement does not constitute an offer
to purchase the Convertible Bonds or High Yield Notes or the
solicitation of an offer to sell Convertible Bonds or High Yield
Notes. This notice is addressed only to holders of the Convertible
Bonds and/or High Yield Notes who are persons to whom it may
otherwise be lawful to distribute it (“relevant persons”). It is
directed only at relevant persons and must not be acted on or
relied on by persons who are not relevant persons.
THIS DOCUMENT IS NOT AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY SHARES, BONDS OR OTHER SECURITIES
OF NYRSTAR NV. THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.
About Nyrstar
The Nyrstar group is a global multi-metals
business, with a market leading position in zinc and lead, and
growing positions in other base and precious metals, which are
essential resources that are fuelling the rapid urbanisation and
industrialisation of our changing world. The Nyrstar group has
mining, smelting and other operations located in Europe, the
Americas and Australia and employs approximately 4,200 people. The
Company is incorporated in Belgium and, following completion of the
recapitalisation/restructuring has a 2% shareholding in the Nyrstar
group. The Company is listed on Euronext Brussels under the symbol
NYR. For further information please visit the Nyrstar website:
www.nyrstar.be
For further information contact:
Anthony Simms - Head of Investor
Relations & Insured
Risk
T: +41 44 745 8157
M: +41 79 722 2152 anthony.simms@nyrstar.com
- Nyrstar RED announcement 31 July 2019
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