UPDATE ON SEPTEMBER 2022 COUPON PAYMENT
23 Сентября 2022
In order to proactively resolve the situation, on 2 September 2022 the Company launched a consent solicitation exercise aimed at the introduction of an alternative payment mechanism which would allow the Issuer or the Company to make payments of the September 2022 Coupon and payments under the Notes going forward. The Company intends to make a separate announcement on the results of the consent solicitation exercise in the nearest future.
The Issuer and the Company remain committed to the resolution of the issues leading to non-payment of the September 2022 Coupon and confirm that they have sufficient liquidity to meet their payment obligations under the Notes as they fall due.
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Reference is made to U.S.$350,000,000 in aggregate principal amount of 5.90 per cent. Loan Participation Notes due 2025 (the "Notes") issued by, but with limited recourse to, IMH Capital D.A.C. on 23 September 2020 for the purpose of extending a loan to PJSC "KOKS" (the "Company"), such loan unconditionally and irrevocably guaranteed by JSC Kombinat KMARuda, LLC Tikhova Mine, LLC "Uchastok "Koksovyi" and JSC Tulachermet.
Due to the ongoing issues of the operational and technical nature which are beyond the Issuer's control, the Issuer is not going to be able to effect the payment of interest due under the Notes (the "September 2022 Coupon") today in accordance with the terms and conditions of the Notes.In order to proactively resolve the situation, on 2 September 2022 the Company launched a consent solicitation exercise aimed at the introduction of an alternative payment mechanism which would allow the Issuer or the Company to make payments of the September 2022 Coupon and payments under the Notes going forward. The Company intends to make a separate announcement on the results of the consent solicitation exercise in the nearest future.
The Issuer and the Company remain committed to the resolution of the issues leading to non-payment of the September 2022 Coupon and confirm that they have sufficient liquidity to meet their payment obligations under the Notes as they fall due.
