Evraz | 28 June 2011 г. | 10:37

EVRAZ incentivised conversion of US$650 million 2014 Bonds

EVRAZ incentivised conversion of US$650 million 2014 Bonds

EVRAZ announces that it has successfully incentivised the conversion of US$647,800,000 in principal amount (or 99.7% of the total outstanding amount) of convertible bonds originally due in 2014 and bearing annual coupon of 7.25%.

The total cash incentive payment to facilitate the conversion will be US$158,347,519 and the total accrued interest payable in respect of the converted Bonds will be US$9,262,633. Payment of the accrued interest on the converted Bonds will be settled on or before 29 June 2011. Payment of the incentive payments with respect to the converted Bonds will be settled on or about 8 July 2011.

Following this conversion 30,672,349 GDRs will be issued, representing 10,224,116 newly issued ordinary shares of the Company, with the settlement of such GDRs expected to occur on or about 8 July 2011.

Giacomo Baizini, CFO of EVRAZ, commented: “I am glad to see overwhelming acceptance of our offer by the bondholders. This transaction is in line with EVRAZ’s overall deleveraging strategy. Accelerated conversion of the bonds will result in the reduction in net debt and increase in equity on the Company's balance sheet.”

Source: Metal Supply and Sales
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