Nyrstar: Overwhelming support for Recapitalisation and Extension of Phase 2 Longstop Date
30 April 2019 - 5:00AM
Nyrstar: Overwhelming support for Recapitalisation and
Extension of Phase 2 Longstop Date
Regulated Information – Inside Information
Nyrstar: Overwhelming support for Recapitalisation and
Extension of Phase 2 Longstop Date
29 April 2019 at 21:00 CEST
Introduction
On 15 April 2019, Nyrstar NV (“Nyrstar” or the
“Company”, and, together with its subsidiaries, the “Group”)
announced (the “15 April Announcement”) that it had entered into a
lock-up agreement for the recapitalisation of the Group with
representatives of its key financial creditor groups (the “Lock-Up
Agreement”). For further details of the terms of the
recapitalisation, please refer to the 15 April Announcement.
All capitalised terms in this announcement shall have the meanings
given to them in the 15 April Announcement unless otherwise
defined.
Overwhelming support for the Lock-Up
Agreement
Nyrstar is pleased to announce that it has
received overwhelming support from its key financial creditor
groups for the Recapitalisation Terms. As at the date of this
announcement, formal consents to the Lock-Up Agreement have been
received from:
- Over 87% of aggregate outstanding principal amount under the
2019 Notes
- Over 73% of aggregate outstanding principal amount under the
2024 Notes (together over 79% of the aggregate outstanding
principal amount under the 2019 Notes and the 2024 Notes)
- Over 87% of aggregate outstanding principal amount under the
Convertible Bonds (together with the 2024 Notes and the 2019 Notes,
the “Notes” and the “Noteholders”).
In addition, more than 75% of the lenders under
the €600m Revolving Structured Commodity Trade Finance are
understood to have formally consented to or received credit
approval to enter into the Lock-Up Agreement. Various lenders under
the Group’s Unsecured Facilities (bilateral and prepayment
facilities) have already acceded to the Lock-Up Agreement and a
number of other lenders have also indicated their support and
intention to accede to the Lock-Up Agreement following completion
of customary internal credit committee processes.
Extension of the Phase 2 Longstop
Date
The Lock-Up Agreement provides that the
requisite majorities of creditors under the affected financing
arrangements need to have acceded to the Lock-Up Agreement by
29 April 2019 or such later date, up to 7 May 2019, as
may be agreed by Nyrstar, Trafigura, the Bank Co-ordinating
Committee and an ad-hoc group of Noteholders.
To allow completion of certain lenders’ credit
approval processes and for remaining relevant creditors to accede
to the Lock-up Agreement, Nyrstar announces that it has been agreed
that the Phase 2 Longstop Date is extended to 11.59 p.m. (London
time) on 7 May 2019.
For Noteholders, Nyrstar also notes the previous
announcement that 11.59 p.m. (London time) on 7 May is the extended
deadline by when Notes are required to be locked-up for the
relevant Noteholders to receive the 150 bps fee on implementation
of the recapitalisation (see the announcements dated 15 and 25
April 2019 for more details).
2019/2024 Notes Consent Solicitations
update
On 15 April 2019, Nyrstar commenced two consent
solicitations to request, among other things, a temporary waiver
for the duration of the period ending on the earlier of the
termination of the Lock-Up Agreement and 31 August 2019 of any
defaults or events of default arising as a result of Nyrstar’s
failure to pay the March 2019 coupon under the 2019 Notes and the
2024 Notes (the “Consent Solicitation”). This requires a 90%
consent level for each of those Notes.
Nyrstar has, as at the date of this
announcement, received consents from noteholders representing
around 84% of the aggregate principal amount outstanding under the
2019 Notes and around 88% of the aggregate principal amount
outstanding under the 2024 Notes. Nyrstar encourages all
remaining Noteholders to consent so that the requisite threshold of
90% can be reached quickly. As announced by Nyrstar on 25
April 2019, the Consent Solicitation process expires on 7 May
2019.
Conclusion
Nyrstar encourages all relevant creditors to
accede to the Lock-Up Agreement and, where relevant, to consent to
the above Consent Solicitation as soon as possible and before
11.59pm (London time) 7 May 2019.
Nyrstar will provide further updates as
appropriate in due course and Nyrstar thanks its stakeholders for
their on-going support in relation to its Capital Structure
Review.
Lucid contact details regarding the
Lock-Up Agreement and the Consent Solicitation
A copy of the Lock-Up Agreement and additional details about
acceding to the Lock-Up Agreement and voting on the Consent
Solicitation can be obtained from Lucid:
Sunjeeve Patel / Victor Parzyjagla
Website: www.lucid-is.com/nyrstar
Telephone: + 44 20 7704 0880
Email: nyrstar@lucid-is.com
About Nyrstar
Nyrstar is a global multi-metals business, with
a market leading position in zinc and lead, and growing positions
in other base and precious metals, which are essential resources
that are fuelling the rapid urbanisation and industrialisation of
our changing world. Nyrstar has mining, smelting and other
operations located in Europe, the Americas and Australia and
employs approximately 4,100 people. Nyrstar is incorporated in
Belgium and has its corporate office in Switzerland. Nyrstar is
listed on Euronext Brussels under the symbol NYR. For further
information please visit the Nyrstar website: www.nyrstar.com.
For further information contact:
Anthony Simms Head of
Investor Relations T: +41 44
745
8157
M: +41 79 722 2152
anthony.simms@nyrstar.com
Franziska Morroni Head of
Communications
T: +41 44 745
8295
M: +41 79 719
2342
franziska.morroni@nyrstar.com
- Nyrstar Press Release 29 April - Phase 2 extension 26_4
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