Chelpipe seeks consents to amend 4½% notes due 2024

By Marisa Wong

Los Angeles, Oct. 23 – JSC Chelyabinsk Pipe Plant (Chelpipe) announced a solicitation of consents from holders of the outstanding 4½% notes due 2024 (ISIN: XS2010044548, US16325LAA52) issued by Chelpipe Finance DAC, according to a notice.

The issuer wants holders to vote in favor of extraordinary resolutions to approve (i) the appointment of Legal Capital Investor Services LLC to replace Citicorp Trustee Co. Ltd. as trustee as well as (ii) proposed amendments to the trust deed and the loan agreement, including termination of guarantees under the deeds of guarantees.

The voting deadline is 11 a.m. ET on Nov. 12.

A noteholders meeting will be held at noon ET on Nov. 14. Results will be announced soon after the meeting.

The quorum required at the meeting is one or more persons holding or representing at least two-thirds of the principal amount of notes outstanding.

To pass, the extraordinary resolutions require votes in favor of the proposals from holders of not less than two-thirds of the aggregate principal amount represented at the meeting.

Currently, $296.9 million of the original $300 million principal amount is outstanding.

Legal Capital Investor Services is the information and tabulation agent (tmk@lcpis.ru; +7 495 122 05 17; www.lcpis.ru).

Chelpipe is a Russian manufacturer of pipes. The issuer has headquarters in Dublin.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.