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Novolipetsk Steel (NLMK)

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Thursday 14 September, 2017

Novolipetsk Steel

Notes of Steel Funding D.A.C. as to Tender Offer

RNS Number : 7853Q
Novolipetsk Steel
14 September 2017

Date: 14 September 2017



NLMK Group, the largest steel producer in Russia, notes the announcement by Steel Funding D.A.C., a special purpose vehicle established for the purpose of issuing debt instruments for financing loans to NLMK, of the results of the tender offers made by Steel Funding D.A.C. to holders of the U.S.$800,000,000 4.45 per cent. Loan Participation Notes due 2018 (U.S.$396,159,000 outstanding principal amount, Regulation S: Common Code: 080863284, ISIN: XS0808632847; Rule 144A: Common Code: 078395052, ISIN: US85812PAB94, CUSIP: 85812PAB9) and the U.S.$500,000,000 4.95 per cent. Loan Participation Notes due 2019 (U.S.$211,109,000 outstanding principal amount, Regulation S: Common Code: 078393432, ISIN: XS0783934325; Rule 144A: Common Code: 061917110, ISIN: US85812PAA12, CUSIP: 85812PAA1).

An aggregate of U.S.$252,014,000 principal amount of the 2018 Notes and U.S.$65,371,000 principal amount of the 2019 Notes were tendered and accepted for purchase. Following completion of the tender offers, an aggregate of U.S.$144,145,000 principal amount of the 2018 Notes and U.S.$145,738,000 principal amount of the 2019 Notes will remain outstanding. The purchase price for the notes was U.S.$1,017.50 per U.S.$1,000 in principal amount of the 2018 Notes and U.S.$1,053.75 per U.S.$1,000 in principal amount of the 2019 Notes, plus Accrued Interest.

Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the tender offer memorandum dated 4 September 2017 (the "Tender Offer Memorandum"). The tender offers are subject to the terms and conditions described in the Tender Offer Memorandum, including the offer and distribution restrictions therein. Investors should refer to the Tender Offer Memorandum for full details.

The Financing Condition described in the Tender Offer Memorandum is expected to be satisfied. Subject to the satisfaction of the Financing Condition, the settlement of the tender offers is expected to be on or about 26 September 2017.


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About NLMK Group

NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world. NLMK Group's steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore windmills. NLMK operates production facilities in Russia, Europe and the United States. The Company's steel production capacity exceeds 17 million tonnes per year. NLMK has the most competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. In the six months ended 30 June 2017, the Company generated $4.699 billion in revenue and $1.221 billion in EBITDA. As of 30 June 2017, net debt/EBITDA stood at 0.43х. The company has an investment grade credit rating from S&P and Fitch. NLMK's ordinary shares with a 16% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. In 2016, NLMK Group received Steel Industry Leadership Award from S&P Global Platts, a global analytical agency. For more information on NLMK Group please visit

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

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