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Chelpipe noteholders pass extraordinary resolutions for 4˝% notes
Chicago, Dec. 13 – JSC Chelyabinsk Pipe Plant (Chelpipe) announced that noteholders voted in favor of two extraordinary resolutions at a meeting held on Dec. 12, according to a notice.
The meeting related to a consent solicitation for the company’s $296.9 million outstanding of the issue of $300 million of 4˝% notes due 2024 (ISIN: XS2010044548, US16325LAA52) issued by Chelpipe Finance DAC.
The issuer was asking 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 meeting was originally scheduled for Nov. 14 but was adjourned for lack of a quorum.
The voting deadline for the adjourned meeting was 11 a.m. ET on Dec. 8.
The solicitation started Oct. 23.
Legal Capital Investor Services was 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.
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