Nyrstar: Phase 2 Effective Date: Lock-Up Agreement fully effective, overwhelming support of creditors
08 May 2019 - 3:00PM
Nyrstar: Phase 2 Effective Date: Lock-Up Agreement fully
effective, overwhelming support of creditors
Regulated Information
Nyrstar: Phase 2 Effective Date: Lock-Up Agreement fully
effective, overwhelming support of creditors
8 May 2019 at 07:00 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.
Phase 2 Effective Date achieved
Nyrstar is pleased to announce that it has
received the requisite support from all the relevant financial
creditor groups under the Lock-Up Agreement and the Phase 2
Effective Date has now occurred. Therefore, the Lock-Up
Agreement is now fully effective.
At the date of this announcement, formal
consents to the Lock-Up Agreement have been received from:
- Over 92% of aggregate outstanding principal amount under the
2019 Notes
- Over 93% of aggregate outstanding principal amount under the
2024 Notes (together over 91% of the aggregate outstanding
principal amount under the 2019 Notes and the 2024 Notes)
- Over 97% of aggregate outstanding principal amount under the
Convertible Bonds (together with the 2019 Notes and the 2024 Notes,
the “Notes” and the “Noteholders”).
In addition:
- Over 90% of the lenders and a majority in number under the
€600m Revolving Structured Commodity Trade Finance (“SCTF”) have
formally consented to the Lock-Up Agreement.
- 100% of lenders under the Group’s Unsecured Facilities
(bilateral and prepayment facilities) have now also acceded to the
Lock-Up Agreement, save for in connection with the Politus
Prepayment where over 80% of the lenders to Politus B.V. and a
majority in number have now acceded to the Lock-Up Agreement.
2019/2024 Notes Consent Solicitations
update
On 15 April 2019 and separate to the Lock-Up
Agreement accession process, Nyrstar commenced consent
solicitations for the 2019 Notes and the 2024 Notes to request,
among other things, a temporary waiver 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
“15 April Consent Solicitation”), which required a 90% consent
level for each of those Notes. The 15 April Consent
Solicitation deadline was 11.59pm (London time) on 7 May 2019
and such deadline has passed without the level being met.
Convertible Bonds meeting on 21 May
2019
Holders of the Convertible Bonds are reminded
that, as announced by the Company on 6 May 2019, a general meeting
of Convertible Bondholders will be held on 21 May 2019. For
further details on this meeting, please refer to the Company’s
announcement of 6 May 2019 and the notice convening this meeting,
which has been published on the Nyrstar website
https://www.nyrstar.com/en/investors/share-and-bondholder-information/bondholder-information
and on Lucid’s website, as detailed below.
Conclusion
Nyrstar continues to encourage all remaining
relevant creditors to accede to the Lock-Up Agreement and will
provide further updates as appropriate in due course. 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 8 May 2019 EN
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