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- Clarification regarding the coupon payment for the Loan Participation Notes due 2024
Clarification regarding the coupon payment for the Loan Participation Notes due 2024
Novolipetsk Steel (the “Company”) informs that the scheduled coupon payment under the Loan Participation Notes (XS1577953174) due 2024 (the 'Notes') was successfully processed on 21 March 2022. The Company has duly performed its obligations under the Notes in accordance with their terms.
The Company has received a confirmation that foreign noteholders started to receive their coupon payments.
However, the coupon payments did not reach the noteholders based in Russia. This is due to the fact that International Central Securities Depositories Euroclear and Clearstream are no longer settling transactions with Russia’s National Settlement Depository. We currently see no legal grounds prohibiting Euroclear and Clearstream to process payments to Russian residents.
Novolipetsk Steel remains fully committed to perform its obligations towards noteholders irrespective of the jurisdiction. We currently consider alternative ways to deliver the coupon payments to the noteholders based in Russia.
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 wind turbines.
NLMK operates production facilities in Russia, Europe, and the United States. The Company’s steel production capacity exceeds 18 million tonnes per year.
For more details on NLMK Group, please visit our website.
For NLMK Group’s photos and corporate videos, please visit our media library.
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