The Legal Commission allowed Severstal not to issue replacement bonds
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The Government Commission for the Control of Foreign Investments has authorized the mining and metallurgical company Severstal (MOEX: CHMF) not issue replacement bonds to replace outstanding Eurobonds. This follows from press release on the Severstal website.
“The company will continue to fulfill its obligations to Eurobond holders in the same manner, approved by the majority of holders,” the statement says. We are talking about bonds with a nominal value of $800 million and a coupon rate of 3.15% per annum with maturity in 2024.
May 22 Vladimir Putin signed decree on the mandatory placement of replacement bonds before January 1, 2024 to fulfill obligations to Eurobond holders. Replacing Eurobonds allows you to regain access to at least part of the assets that have become inaccessible due to sanctions. An exception is possible upon receipt of permission from the legal commission.
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