PAO Severstal: Update on the situation regarding the coupon payment for the Eurobond 2024 (1310119)
March 23 2022 - 9:43AM
UK Regulatory
PAO Severstal (SVST) PAO Severstal: Update on the situation
regarding the coupon payment for the Eurobond 2024 23-March-2022 /
17:43 MSK Dissemination of a Regulatory Announcement that contains
inside information according to REGULATION (EU) No 596/2014 (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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Update on the situation regarding the coupon payment for the
Eurobond 2024
PAO Severstal (MOEX: CHMF; LSE: SVST) (the 'Company') informs
that a test payment which the Company made on 16th of March 2022 in
respect of the interest due from it under the loan (the 'Loan')
relating to USUSD800,000,000 3.15% Loan Participation Notes due
2024 (the 'Notes') issued by Steel Capital S.A. (Luxembourg) (the
'Issuer') has not reached the Issuer's account. As confirmed by our
account bank, the payment was frozen by their correspondent bank
(Citibank N.A., New York) due to regulatory investigations.
Staying committed to fulfill our obligations under the Loan so
as to enable the coupon payment by the Issuer under the Notes and
to protect the rights of the Noteholders, we have been taking all
efforts to effect the payment in line with the Notes documentation.
As part of that, we have been in constant liaison with the
Principal Paying Agent and the Trustee (Citibank, N.A., London
Branch) and are looking to initiate the application for licenses
from the relevant competent authorities that may be required for an
uninterrupted processing of PAO Severstal's payment instruction. To
enhance the efficiency of those actions and promote a faster
outcome to the benefit of Noteholders, we would also strongly
encourage the Noteholders to contact the Trustee tel. +44 20 7500
5500 and request the Trustee to cooperate with the Company in its
efforts to obtain the licenses from the relevant competent
authorities required to enable the processing of payments due under
the Loan and the Notes as well as to liaise with the relevant
authorities to pursue a broader solution in order to minimize
unintended effect of the sanctions restrictions on the Noteholders.
We will keep the Noteholders regularly informed about the progress
of our communications with the Trustee and the relevant regulatory
filings and expect that this unprecedented situation can be
resolved to the benefit of Noteholders as soon as is practically
possible. We would also encourage the Noteholders to engage in the
discussion that we have proposed to the Trustee, the Principal
Paying Agent and the Issuer in order to coordinate further actions
in the most efficient way.
For further information, please contact:
Severstal Investor Relations
Vladimir Zaluzhsky, Nikita Klimantov
T: +7 (495) 926-77-66
vladimir.zaluzhsky@severstal.com; na.klimantov@severstal.com
Severstal Public Relations
Anastasia Mishanina
T: +7 (495) 926-77-66
anastasia.mishanina@severstal.com
***
P?? Severstal is one of the world's most efficient metals and
mining companies, working with customers and partners to create new
products and integrated solutions from steel. The company's assets
are located in Russia, Latvia and Poland. Severstal is listed on
MOEX and the company's GDRs are traded on the LSE. Severstal
reported revenue of USD11.6 million and EBITDA of USD6 bln in 2021.
Severstal's crude steel production in 2021 reached 11.6 million
tonnes.
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ISIN: US8181503025
Category Code: MSCH
TIDM: SVST
LEI Code: 213800OKDPTV6K4ONO53
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 151090
EQS News ID: 1310119
End of Announcement EQS News Service
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