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Pin to quick picksEvraz Regulatory News (EVR)

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EVRAZ plc: UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ PLC

16 Sep 2022 18:45

EVRAZ plc (EVR) EVRAZ plc: UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ PLC 16-Sep-2022 / 20:45 MSK Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. EVRAZ PLC IS SOLELY RESPONSIBLE FOR THE CONTENT OF THIS ANNOUNCEMENT TRANSMITTED BY EQS GROUP.

 

UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ PLC

16 September 2022 - EVRAZ plc (“EVRAZ” or the “Company”) announces that it will not make payment of the interest due on 20 September 2022 on its 5.375% Notes due 2023 (the “2023 Notes”). The Company also does not expect to make payment of the interest due on 2 October 2022 on its 5.250% Notes due 2024 (the “2024 Notes”).

The Company is currently prohibited from making payments in respect of the 2023 Notes and the 2024 Notes without a licence from the UK sanctions regulator, the Office of Financial Sanctions Implementation of HM Treasury (“OFSI”). On 15 July 2022, the Company sent a request for a licence to OFSI in order to pay the interest due on 20 September 2022 on the 2023 Notes, amounting to approximately $18.9 million, as well as the interest due on 2 October 2022 on the 2024 Notes, amounting to approximately $18.4 million. To date, OFSI has not provided the required licence.

Even if OFSI were to provide the required licence, there would remain significant challenges to making payment of the interest due on the 2023 Notes and the 2024 Notes. It is not yet clear whether regulatory restrictions or technical issues will prevent the Paying Agent from making, or agreeing to make, payment of the interest due in respect of the 2023 Notes and the 2024 Notes to the clearing systems. In addition, even if the Company were able to make payment of interest to the clearing systems, payments to a significant number of the holders and beneficial holders of the 2023 Notes and the 2024 Notes would be blocked by the clearing systems as a result of their holdings being held through the Russian clearing system.

As a result, the Company will not make payment of the forthcoming interest payments due on the 2023 Notes and does not expect to make payment of the interest due on the 2024 Notes. The Company is in the process of exploring various options that will allow it to meet its obligations to all Noteholders. The Company will keep investors informed about key developments throughout this process.

The EVRAZ group has sufficient liquidity to make all payments due under the 2023 Notes and the 2024 Notes were it not for sanctions and regulatory restrictions. As at 30 June 2022, the Company had consolidated cash and cash equivalents of $793 million.

###

For further information:

 

 

Investor Relations:

+7 495 232 1370

ir@evraz.com

 

Media Relations:

+7 495 937 6871

media@evraz.com


ISIN:GB00B71N6K86
Category Code:MSCL
TIDM:EVR
LEI Code:5493005B7DAN39RXLK23
Sequence No.:188787
EQS News ID:1444741
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
28th Mar 20197:00 amRNSDirector/PDMR Shareholding
27th Mar 201910:00 amRNSEXERCISE OF PUT OPTION IN RESPECT OF YGOK SHARES
27th Mar 20199:30 amRNSStabilisation Notice
27th Mar 20198:07 amRNSEvraz Plc Announces Tender Offer Results
27th Mar 20197:09 amRNSEVRAZ announces pricing of U.S.$700m note issue
26th Mar 20199:37 amRNSStabilisation Notice
22nd Mar 20196:28 pmRNSHolding(s) in Company
22nd Mar 20196:27 pmRNSHolding(s) in Company
19th Mar 20196:30 pmRNSHolding(s) in Company
19th Mar 20197:41 amRNSDirector/PDMR Shareholding
19th Mar 20197:33 amRNSCompletion of sale of existing shares of EVRAZ
18th Mar 20194:46 pmRNSIntended sale of existing ordinary shares of EVRAZ
18th Mar 201910:02 amRNSAnnouncement of Tender Offer
13th Mar 20192:40 pmRNSEurobonds Issuer Substitution
13th Mar 20197:35 amRNSDividend - determination of currency amounts
28th Feb 20197:00 amRNSAnnual Financial Report
20th Feb 20198:10 amRNSNOTICE OF 2018 RESULTS AND CONFERENCE CALL DETAILS
31st Jan 20199:00 amRNSEVRAZ Q4 2018 TRADING UPDATE
28th Jan 20196:00 pmRNSHolding(s) in Company
28th Jan 20196:00 pmRNSShareholding notification
27th Dec 20183:42 pmRNSAmendment of transshipment agreement
27th Dec 20187:00 amRNSResponse to Press Speculation
27th Dec 20187:00 amRNSDirector/PDMR Shareholding
24th Dec 20187:04 amRNSHolding(s) in Company
24th Dec 20187:02 amRNSHolding(s) in Company
24th Dec 20187:00 amRNSMajor shareholding notification
28th Nov 20184:20 pmRNSDividend - determination of currency amounts
15th Nov 201812:03 pmRNSThird interim dividend for 2018
25th Oct 20189:45 amRNSEVRAZ Q3 2018 TRADING UPDATE
19th Oct 20187:00 amRNSEVRAZ plc holds Investor Day
17th Oct 201810:03 amRNSDirector/PDMR Shareholding
20th Sep 20183:24 pmRNSUpdate on relationship agreements
10th Sep 20186:00 pmRNSDirector/PDMR Shareholding
4th Sep 201811:22 amRNSHolding(s) in Company
4th Sep 201811:18 amRNSHolding(s) in Company
4th Sep 201811:16 amRNSHolding(s) in Company
4th Sep 201811:15 amRNSMajor shareholding notification
22nd Aug 20183:54 pmRNSDividend - Determination of Currency Amounts
9th Aug 20187:00 amRNSHalf-year Report
8th Aug 20183:34 pmRNSChanges to the Board of Directors
26th Jul 20187:00 amRNSEVRAZ Q2 2018 TRADING UPDATE
19th Jul 20184:20 pmEQSNOTICE OF H1 2018 RESULTS AND CONFERENCE CALL DETAILS
10th Jul 20185:00 pmRNSResult of Court Hearing - Reduction of Capital
26th Jun 20186:30 pmRNSDirector/PDMR Shareholding
25th Jun 201810:20 amRNSEVRAZ Modern Slavery Transparency Statement 2017
19th Jun 201812:47 pmRNSResult of AGM
19th Jun 201810:27 amRNSProvision of guarantee
19th Jun 201810:21 amRNSResults of the General Meeting of shareholders
13th Jun 20185:00 pmRNSReport on payments to governments for 2017
13th Jun 20189:25 amRNSDividend - Determination of Currency Amounts

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