Source - RNS
RNS Number : 0304M
Metinvest B.V.
07 October 2016
 

Company name: Metinvest B.V.

Headline: Scheme of Arrangement: Notice of Payment and Capitalisation of Interest and payment of October Moratorium Fee

 

 

IRISH STOCK EXCHANGE ANNOUNCEMENT

 

 

7 October 2016

Metinvest B.V. (the "Company")

 

10.25 per cent. guaranteed notes due 2016 (of which U.S.$89,891,018.96 was outstanding as at 31 August 2016 after capitalisation of unpaid interest in accordance with the Scheme (as defined below)) (the "2016 Notes")

ISIN: XS0511379066, Common Code: 051137906

ISIN: US591555AA54, CUSIP: 591555AA5

 

10.50 per cent. guaranteed notes due 2017 (of which U.S.$305,474,434.00 was outstanding as at 31 August 2016 after capitalisation of unpaid interest in accordance with the Scheme) (the "2017 Notes")

ISIN: XS1145219652, Common Code: 114521965

ISIN: US591555AC11, Common Code: 114752894

CUSIP: 591555 AC1

 

8.75 per cent. guaranteed notes due 2018 (of which U.S.$796,906,652.15 was outstanding as at 31 August 2016 after capitalisation of unpaid interest in accordance with the Scheme) (the "2018 Notes" and, together with the 2016 Notes and the 2017 Notes, the "Notes")

ISIN: XS0591549232

ISIN: US591555AB38, CUSIP: 591555 AB3

 

Notice of Payment of October Moratorium Fee

 

Reference is made to the scheme of arrangement between the Company and the holders of the Notes under Section 899 of the Companies Act 2006 (the Scheme) as set out in the explanatory statement dated 8 June 2016 in relation to the Scheme (the Explanatory Statement) which was published on the scheme website (www.lucid-is.com/metinvest) on 8 June 2016. Capitalised terms in this notice, unless otherwise defined, have the meaning given to those terms in the Explanatory Statement.

 

Notice is hereby given that payment of the October Moratorium Fee (as defined in the Scheme) has been made in accordance with Clause 3.3(e)(iii) of the Scheme.

 

Notice of Payment of Interest 

In accordance with clause 3.3(d)(iii) of the Scheme and paragraphs 4 and 8 of schedule 1 (Scheme Undertakings) of the Scheme, the Company paid an amount equal to 30% of accrued and unpaid interest (whether or not then due and payable under the terms and conditions of the Notes) under the Notes from and including 31 August 2016 up to but excluding 30 September 2016 (being the fourth Determination Date under the Scheme) (the September Cash Pay Interest Amount). The September Cash Pay Interest Amount was U.S.$2,775,449.43 and the allocation of this amount between the Notes is set out in the table below.

In addition to the September Cash Pay Interest Amount, in accordance with clause 3.3(d)(iii) of the Scheme and paragraphs 5 and 8 of schedule 1 (Scheme Undertakings) of the Scheme, the Company is required to pay an amount equal to the difference (if positive) between (a) the average of unrestricted cash balances (as determined in good faith by the Company) as of the close of business on Friday of each of the four weeks immediately preceding 30 September 2016 (the Unrestricted Cash Amount) and (b) U.S.$180,000,000 (the Additional September Amount) in respect of interest (other than Cash Pay Interest Amounts) accrued and unpaid under the Notes and the PXF Facilities (whether or not then due) up to but excluding 30 September 2016. The Company has determined in good faith that the Unrestricted Cash Amount is U.S.$188,886,755. Accordingly, the Additional September Amount is U.S.$8,886,755.

The Additional September Amount was allocated and paid pro rata to the amounts of interest (other than Cash Pay Interest Amounts) accrued and unpaid (whether or not then due) under the Notes and the PXF Facilities (subject to rounding). Accordingly, U.S.$6,284,580.49 of the Additional September Amount was payable in respect of the Notes and the allocation of this amount between the Notes is set out in the table below.

The record date for the payments of interest described in this announcement to the 2016 Noteholders was opening of business (Luxembourg time) on 15 September 2016. The record date for the payments of interest described in this announcement to the 2017 Noteholders and 2018 Noteholders was close of business (Luxembourg time) on 15 September 2016.

 

Notice of Capitalisation of Interest and Principal Payment in respect of Capitalised Interest

 

In accordance with clause 3.3(d)(ii) of the Scheme, the Company agrees that any amount of accrued but unpaid interest (which accrues from day to day) under the Notes during the period from and including 31 August 2016 up to but excluding 30 September 2016 (the Unpaid Interest Amounts) to the extent unpaid shall be capitalised and added to the principal amount of the relevant Notes, such capitalisation occurring as of 30 September 2016. The Unpaid Interest Amounts and, following the capitalisation of the Unpaid Interest Amounts, the principal amount of the Notes as at 30 September 2016 is set out in the table below.

As the 2018 Notes allocation of the Additional September Amount exceeds the amount of interest accrued under the 2018 Notes during the period from and including 31 August 2016 and up to but excluding 30 September 2016, the balance of the 2018 Notes allocation of the Additional September Amount, being U.S.$274,678.83, will be applied in a principal payment in respect of capitalised interest accrued and unpaid under the 2018 Notes up to but excluding 30 September 2016.

The record date for the purpose of this capitalisation and principal payment in respect of capitalised interest is opening of business (Luxembourg time) on 15 September 2016 in relation to the 2016 Notes and close of business (Luxembourg time) on 15 September 2016 in relation to the 2017 Notes and the 2018 Notes.

The following table sets out (i) the September Cash Pay Interest Amount and allocation between the Notes; (ii) the Additional September Amount and allocation between the Notes; (iii) the principal amount of the Notes prior to capitalisation of Unpaid Interest Amounts on 30 September 2016 and the principal payment in respect of capitalised interest; (iv) the Unpaid Interest Amounts; (v) the principal payment in respect of capitalised interest; (vi) the principal amount of Notes after capitalisation of the Unpaid Interest Amounts on 30 September 2016 and the principal payment in respect of capitalised interest; and (vii) the new pool factors as at 30 September 2016 in relation to each series of Notes.

 

 

September
Cash Pay
Interest Amount

Additional

September
Amount

Notes principal
before capitalisation
on 30 September 2016
and the principal payment in respect of capitalised interest

Unpaid

Interest
Amounts

Principal payment

in respect of

capitalised interest

Notes principal
after capitalisation
on 30 September 2016
and the principal payment in respect of capitalised interest

Pool factor
after capitalisation
on 30 September 2016
and the principal payment in respect of capitalised interest

Total Notes

U.S.$2,775,449.43

U.S.$6,284,580.49

U.S.$1,192,272,105.11

U.S.$466,147.00

U.S.$274,678.83

U.S.$1,192,463,573.28

 

2016 Notes

U.S.$230,345.74

U.S.$442,129.40

U.S.$89,891,018.96

U.S.$95,343.98

U.S.$0.00

U.S.$89,986,362.94

0.7917780129

2017 Notes

U.S.$801,870.39

U.S.$1,500,227.89

U.S.$305,474,434.00

U.S.$370,803.02

U.S.$0.00

U.S.$305,845,237.02

1.0556069948

2018 Notes

U.S.$1,743,233.30

U.S.$4,342,223.20

U.S.$796,906,652.15

U.S.$0.00

U.S.$274,678.83

U.S.$796,631,973.32

1.0621759644

 

 

For further information please contact:

 

Lucid Issuer Services Limited as the Information Agent

Sunjeeve Patel / Thomas Choquet

Tankerton Works

12 Argyle Walk

London WC1H 8HA

Phone:              +44 (0) 207 704 0880

Email:               [email protected]

 

This notice is given by:

 

Metinvest B.V.

Nassaulaan 2A

2514 JS

'S-Gravenhage

The Netherlands

 

7 October 2016

 

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
 
END
 
 
ISEAKODPNBDDPKK