29 Jun 2016 10:26
Partial cancellation of the Senior Unsecured Convertible Bonds due 2017
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, THE RUSSIAN FEDERATION, CYPRUS OR INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF ANY SECURITIES FOR SALE, NOR A SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR THE RUSSIAN FEDERATION.
On 24 September 2012, Holdgrove Limited (the "Issuer") issued US$475,000,000 1.00 per cent per annum senior unsecured convertible bonds due 24 September 2017 (the "Bonds") which were convertible into Global Depositary Receipts listed on the London Stock Exchange, each representing one ordinary share of PАО Severstal (previously known as OAO Severstal, "Severstal"). The Bonds were guaranteed by Severstal and the Issuer has been consolidated with PAO Severstal as a subsidiary shortly upon the issuance of the Bonds. The Bonds were offered and sold outside the United States in reliance on Regulation S of the US Securities Act 1933, as amended.
On 28 June 2016, the Issuer cancelled a portion of the Bonds in the aggregate principal amount of US$19,200,000.00 following their repurchase in the open market by Severstal's affiliates (the "Cancellation") .
The details and results of the Cancellation of the Bonds are set out in the table below:
Description of the Bonds: | ISIN: | Common Code: | Listing: | Aggregate outstanding principal amount preceding the Cancellation: | Aggregate principal amount subject to the Cancellation: | Aggregate outstanding principal amount following the Cancellation: |
US$475,000,000 1.00% unsecured convertible bonds due 2017 guaranteed by Severstal | XS0834475161 | 083447516 | London Stock Exchange |
US$ 61,800,000 |
US$ 19,200,000 |
US$ 42,600,000 |
Following the Cancellation, the outstanding Bonds in the aggregate principal amount of US$ 42,600,000 will remain listed on the London Stock Exchange.
Severstal intends to continue repurchasing the Bonds in the open market acting through its affiliates and agents. Upon such repurchase, the Bonds will be cancelled by the Issuer. Depending on the market conditions, Severstal may repurchase the entire outstanding amount of the Bonds in due course.
For further information, please contact:
Severstal Investor Relations
Victor Drozdov
T: +7 (495) 926-77-66
victor.drozdov@severstal.com
Severstal Public Relations
Anastasia Mishanina
T: +7 (495) 926-77-66
anastasia.mishanina@severstal.com
Severstal's financial communications agent - Hudson Sandler
Andrew Hayes / Elena Garside / Alex Brennan
T: +44 (0) 20 7796 4133