MMK replaces NSD with subsidiary as payment agent for all exchange bond issues
CHELYABINSK. Feb 20 (Interfax) - OJSC Magnitogorsk Iron and Steel Works (MMK) has appointed Investment Company Settlement Stock Center (based in Magnitogorsk) as the payment agent on exchange bond issues BO-01, BO-03, and BO-05, as well s series BO-08 through BO-15, thereby replacing National Settlement Depositary (NSD), the metal-maker said in a statement.
The agreement between MMK and Settlement Stock Cent for intermediary services in meeting bond obligations for these issues came into force on February 20. In addition, Settlement Stock Centers a subsidiary of MMK.
MMK told Interfax that Settlement Stock Center became the payment agent "on all of the enterprise's exchange bond issues effective February 20."
It was earlier reported that MMK had appointed Settlement Stock Center as settlement agent in December for issues BO-06 and BO-07 instead of National Settlement Depositary.
The MICEX registered MMK's exchange bond issues BO-06 through BO-15 each worth 5 billion rubles in March 2011. In addition, MMK currently has issues BO-1, BO-03 and BO-05 in circulation.
MMK is one of Russia's biggest steel producers. Its board chairman, Viktor Rashnikov, controls 87% of the company's stock.