Moody’s rates KOKS notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the proposed $350 million senior unsecured notes to be issued by KOKS Finance Ltd., a special purpose vehicle incorporated in Ireland as a private limited company, for the purpose of financing a loan to JSC KOKS.

The amount and terms of the notes are subject to the prevailing market conditions during placement.

KOKS Finance will on-lend proceeds to KOKS. Therefore, the noteholders will be relying solely on KOKS' credit quality to repay the debt.

The loan will be guaranteed by the main operating subsidiaries of KOKS: Kombinat KMAruda, Butovskaya Mine, Tikhova Mine and Tulachermet guaranteeing the loan on a joint and several basis.

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