PJSC Severstal (MOEX: CHMF; LSE: SVST), one of the world's leading vertically integrated steel and mining companies, announces that today it completed the last deal to divest its Global Depositary Receipts (GDRs) as part of the conversion of convertible zero coupon bonds issued in 2017 for the amount of $ 250 million (the "Bonds").
The conversion was carried out as part of the exercise of the right of the Bond holders to convert the Bonds into GDRs of PJSC Severstal, taking into account the issuer's right to pay the Bond holders the cash equivalent of the corresponding GDRs of PJSC Severstal "at its discretion.
On March 24, 2021, the issuer published an Option Redemption Notice, according to which April 28, 2021 was determined as the last day on which the Bondholders could realize the right to convert the Bonds into GDRs of PJSC" Severstal ".
As a result of the exercise of the right of Bond holders to convert the Bonds from March 24 to May 7 11,937,016 global depositary receipts of PJSC Severstal were delivered to the market. The conversion was secured by treasury GDRs owned by companies controlled by PJSC Severstal. Therefore, our shareholdings have not changed. The share of free float shares increased by 1.28 percentage points from 21.69% to 22.97% of the company's authorized capital.