Evraz meets obligations under 2024 Eurobond payment

MOSCOW. April 5 (Interfax) - Evraz has met its obligations to pay a coupon on Eurobonds maturing in 2024 with $700 million outstanding, the steel and mining giant told Interfax.

Evraz said that Bank of New York Mellon informed the issuer that the regular coupon payment had been transferred to the corresponding paying agent account. "On April 4, 2022, the issuer received confirmation from the main paying agent that the coupon payment was sent to investors in a timely manner through the relevant clearing systems," it said.

The paying agent for Evraz Eurobonds maturing in 2023 notified the company at the end of March about the transfer of the coupon payment, which was previously blocked by the correspondent bank due to sanctions compliance grounds, which potentially threatened the company with the risk of default.

Evraz had tried to pay $18.9 million on the 2023 bonds but this had been blocked by correspondent bank Societe Generale New York for compliance reasons. "The company understands that the situation has its roots in the recently emerged uncertainties upon decision of the HM Treasury, Office of Financial Sanctions Implementation to include one of company's shareholders Roman Abramovich, owning 28.64% stake, in the extended sanctions list." Evraz said at the time. "The company continues to stand on the position that Roman Abramovich does not have effective control of the company," it said.