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Steel Funding D.A.C (IRSH)

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Thursday 14 September, 2017

Steel Funding D.A.C

Notice to Noteholders

RNS Number : 7829Q
Steel Funding D.A.C
14 September 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

14 September 2017

Steel Funding D.A.C. (the "Offeror") announces the results of its invitation to eligible holders of its outstanding 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) (each of the series of Notes, a "Series", and all outstanding notes of all Series together, the "Notes"), issued by it for the purpose of financing corresponding loans to Novolipetsk Steel ("NLMK"), to tender their Notes for purchase by the Offeror for cash (each such invitation, an "Offer" and, together, the "Offers") at a purchase price equal to 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 Offers expired at 16:00 hours, London time, on Wednesday 13 September 2017.

The Offeror has accepted for purchase the Notes as set out in the table below:

Description of the Notes

Common code/ISIN for Regulation S Notes

Common code/ISIN/CUSIP for Rule 144A Notes

Outstanding principal amount

Purchase Price

Series Acceptance Amount

Outstanding principal amount following settlement of the Offers

U.S.$800,000,000 4.45 per cent. Loan Participation Notes due 2018 (the "2018 Notes")

080863284/

XS0808632847

078395052/

US85812PAB94/

85812PAB9

U.S.$396,159,000

U.S.$252,014,000 in aggregate principal amount of 2018 Notes

U.S.$144,145,000

U.S.$500,000,000 4.95 per cent. Loan Participation Notes due 2019 (the "2019 Notes")

078393432/

XS0783934325

061917110/

US85812PAA12/

85812PAA1

U.S.$211,109,000

U.S.$1,053.75 per U.S.$1,000 in principal amount of 2019 Notes

U.S.$65,371,000 in aggregate principal amount of 2019 Notes

U.S.$145,738,000

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

Offer and distribution restrictions apply. Investors should refer to the Tender Offer Memorandum for full details. If you need further information about the Offers, please contact the Joint Dealer Managers or the Information and Tender Agent.

Offer Website:  http://sites.dfkingltd.com/nlmk

 

 

  

 

Contact Details:

THE OFFEROR

Steel Funding D.A.C.
Pinnacle 2

Eastpoint Business Park

Dublin 3
Ireland

 

JOINT DEALER MANAGERS

ING Bank N.V., London Branch

8-10 Moorgate

London EC2R 6DA

United Kingdom

For information by telephone:

+31 20 563 8017

Attention: Liability Management Team

Email: [email protected]

 

J.P. Morgan Securities plc
25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom

For information by telephone:

+44 20 7134 2468

Attention: Liability Management

Email: [email protected]

 

Société Générale
10 Bishops Square

London E1 6EG

United Kingdom

For information by telephone:

+44 20 7676 7680

Attention: Liability Management

Email: [email protected]

 

UniCredit Bank AG
Arabellastrasse 12

81925 Munich

Germany

For information by telephone:

+49 89 378 13722

Attention: Liability Management

Email: [email protected]

 

THE INFORMATION AND TENDER AGENT

D.F. King Ltd.
Email: [email protected]
Website:
http://sites.dfkingltd.com/nlmk

In London:

125 Wood Street
London EC2V 7AN
United Kingdom
Telephone: +44 20 7920 9700

In New York:

48 Wall Street, 22nd Floor
New York, New York 10005
United States
Telephone: +1 212 269 5550

Toll-Free (US only) (800) 820-2412

In Hong Kong:

Suite 1601, 16/F, Central Tower
28 Queen's Road Central
Hong Kong
Telephone: +852 3953 7230

NLMK

Media contact info:

Sergey Babichenko

+7 (916) 824 6743

[email protected] 

Investor Relations contact info:

Sergey Takhiev

+7 (495) 504 0504

[email protected]

 

 

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 www.nlmk.com.

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange


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