Severstal was unable to make payments on Eurobonds due to sanctions
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PJSC Severstal announced that it would not be able to make payments on Eurobonds maturing in 2024 due to sanctions. Eurobonds mature on 16 September. The company added that it has not yet received permits that will allow payments to be made.
Severstal announced that on September 16, the coupon income in the amount of $12.6 million for the issue of Eurobonds maturing in 2024 is due.
The press service recalled that the company had previously applied for a license that would allow it to make payments on Eurobonds. The company said that they have not yet received the relevant documents and “there are no guarantees as to whether they will be issued and in what period.”
“At the moment, PJSC Severstal is in the process of developing a debt service option for Eurobonds 2024, which is possible under the current conditions, and plans to bring it up for discussion with investors in the near future,” the statement said. message companies.
In August Severstal notified on obtaining investors’ consent for early redemption of the issue of dollar Eurobonds in August in rubles. August 29 company reported, which paid the amount of the principal debt, as well as the coupon to holders who own bonds through the National Settlement Depository or other Russian depositories. The company also made direct payments to bondholders who hold securities through foreign depositories.
How Russian companies are trying to make payments on Eurobonds under sanctions – in the material “Kommersant” “Issuers dispersed according to strategies”.
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