Severstal says holders put $390 million of Holdgrove 1% convertibles

By Susanna Moon

Chicago, Aug. 13 – Russia’s PAO Severstal said holders exercised the put option on $390 million, or 82%, of affiliate Holdgrove Ltd.’s $451.8 million outstanding 1% senior convertible bonds due Sept. 24, 2017.

The notes will be redeemed on Sept. 24 at par plus accrued interest, according to a company notice.

The notes were putable from June 26 to Aug. 10.

Holdgrove issued $475 million of the convertibles on Sept. 24, 2012. The bonds are convertible into Global Depositary Receipts listed on the London Stock Exchange, each one representing one common share of Severstal.

The Regulation S bonds are guaranteed by Severstal.

Severstal is a steel and mining company based in Cherepovets, Russia.

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