REG-EVRAZ plc EVRAZ plc: UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ PLC

EvrazAnnouncement

16/09/2022 19:00

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   EVRAZ plc (EVR)
   EVRAZ plc: UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ
   PLC

   16-Sep-2022 / 20:45 MSK
   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF  ARTICLE
   7 OF THE MARKET ABUSE REGULATION (EU) NO 596/2014 WHICH IS PART OF ENGLISH
   LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. EVRAZ PLC
   IS SOLELY RESPONSIBLE FOR THE CONTENT OF THIS ANNOUNCEMENT TRANSMITTED  BY
   EQS GROUP.

    

       UPDATE ON PAYMENT OF INTEREST DUE ON EUROBONDS ISSUED BY EVRAZ PLC

   16 September 2022 - EVRAZ plc (“EVRAZ” or the “Company”) announces that it
   will not make  payment of the  interest due  on 20 September  2022 on  its
   5.375% Notes due 2023 (the “2023 Notes”). The Company also does not expect
   to make payment of the interest due on 2 October 2022 on its 5.250%  Notes
   due 2024 (the “2024 Notes”).

   The Company is currently prohibited from making payments in respect of the
   2023 Notes and  the 2024  Notes without a  licence from  the UK  sanctions
   regulator, the Office of Financial Sanctions Implementation of HM Treasury
   (“OFSI”). On 15 July  2022, the Company  sent a request  for a licence  to
   OFSI in order to  pay the interest  due on 20 September  2022 on the  2023
   Notes, amounting to approximately $18.9  million, as well as the  interest
   due on  2 October  2022  on the  2024  Notes, amounting  to  approximately
   $18.4 million. To date, OFSI has not provided the required licence.

   Even if OFSI  were to  provide the  required licence,  there would  remain
   significant challenges to making payment of  the interest due on the  2023
   Notes and  the  2024  Notes.  It  is  not  yet  clear  whether  regulatory
   restrictions or  technical  issues  will prevent  the  Paying  Agent  from
   making, or agreeing to make, payment of the interest due in respect of the
   2023 Notes and the 2024 Notes  to the clearing systems. In addition,  even
   if the  Company were  able to  make payment  of interest  to the  clearing
   systems, payments to a  significant number of  the holders and  beneficial
   holders of the  2023 Notes  and the  2024 Notes  would be  blocked by  the
   clearing systems as  a result  of their  holdings being  held through  the
   Russian clearing system.

   As a result, the Company will not make payment of the forthcoming interest
   payments due on the 2023 Notes and does not expect to make payment of  the
   interest due on the 2024 Notes. The Company is in the process of exploring
   various options  that  will  allow  it to  meet  its  obligations  to  all
   Noteholders.  The  Company   will  keep  investors   informed  about   key
   developments throughout this process.  

   The EVRAZ group has  sufficient liquidity to make  all payments due  under
   the 2023 Notes and the 2024 Notes were it not for sanctions and regulatory
   restrictions. As at 30  June 2022, the Company  had consolidated cash  and
   cash equivalents of $793 million.

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   For further information:

      

   Investor Relations:

   +7 495 232 1370

    1 ir@evraz.com

    

   Media Relations:

   +7 495 937 6871

    2 media@evraz.com

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   ISIN:          GB00B71N6K86
   Category Code: MSCL
   TIDM:          EVR
   LEI Code:      5493005B7DAN39RXLK23
   Sequence No.:  188787
   EQS News ID:   1444741


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@evraz.com
   2. mailto:media@evraz.com


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