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Notice to Holders of Guaranteed Convertible Bonds

29 Sep 2011 12:39

RNS Number : 2086P
OAO TMK
29 September 2011
 



September 29, 2011

Announcement

OAO TMK ANNOUNCES PUBLICATION OF NOTICE TO HOLDERS OF U.S.$412,500,000 5.25 PER CENT. GUARANTEED CONVERTIBLE BONDS

OAO TMK (TMK) announces that it has published a notice (the Notice) to the holders of its U.S.$412,500,000 5.25 per cent. Guaranteed Convertible Bonds due 2015 (ISIN: XS0484654040 / Common Code: 048465404) (the Convertible Bonds).

Adjustment of Conversion Price

On 28 June 2011, TMK announced that it would pay a dividend of RUB 0.85 per ordinary Share to Shareholders on the register of GDR holders on the record date of June 03, 2011.

Terms and Conditions of the Convertible Bonds require an adjustment to be made to the Conversion Price in accordance with the terms and conditions of the Convertible Bonds on the occurrence of certain corporate events. As a result of the announcement by TMK that it will pay a Cash Dividend to the Shareholders, an adjustment to the Conversion Price is required pursuant to Condition 6.2(b)(iii).

The initial Conversion Price was U.S.$23.075 per GDR.

From and including June 01, 2011, being the Effective Date, the Conversion Price is adjusted to U.S.$22.927. All other Terms and Conditions of the Convertible Bonds remain unchanged.

Conversion Agent

Deutsche Bank AG, London Branch

Effective Date of Conversion Price Adjustment

The adjustment to the Conversion Price became effective on June 01, 2011.

Defined Terms

Unless otherwise defined in this announcement, terms used in this announcement have the meanings given to them in the Terms and Conditions of the Convertible Bonds.

This announcement is given by:

OAO TMK40/2A Pokrovka Str.105062 MoscowRussian Federation

This notice appears as a matter of record.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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