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Essar Steel Minnesota LLC Announces Amendment to Consent Solicitation Relating to Senior Secured Notes due 2020
06/25/2014 - Essar Steel Minnesota LLC ("ESML") announced today that it is amending the terms of its previously announced solicitation of consents (the "Solicitation") from holders of its $450,000,000 aggregate principal amount outstanding of 11.500% Senior Secured Notes due 2020 (the "Notes") upon the terms and subject to the conditions set forth in Supplement No. 1 to the Notice of Consent Solicitation dated June 24, 2014 (the "Supplement").
In addition, the largest holder of Notes has indicated that it currently intends to deliver its consent in connection with the Solicitation.
The Solicitation will expire at 5:00 p.m., New York City time, on June 26, 2014, unless earlier terminated (such time on such date, as the same may be earlier terminated or later extended, the "Expiration Time").
ESML urges holders of record review the Notice as amended and supplemented by the Supplement for the specific terms and conditions of the Solicitation.
The Solicitation will expire at 5:00 p.m., New York City time, on June 26, 2014, unless earlier terminated (such time on such date, as the same may be earlier terminated or later extended, the "Expiration Time").
ESML urges holders of record review the Notice as amended and supplemented by the Supplement for the specific terms and conditions of the Solicitation.
About Essar Steel Minnesota LLC
ESML is an iron ore producer engaged in the development of a 7 mtpa fully-integrated pellet production facility in the western Mesabi Range in northern Minnesota. When completed, the $1.8 billion Project will consist of an open-pit iron ore mine, crushing, concentrating and pelletizing facilities and a rail line and train-loading system. ESML has an aggregate of approximately 1.8 billion tonnes of measured and indicated magnetite iron resources, of which approximately 1.7 billion tonnes are classified as proven or probable reserves, and an additional 0.2 billion tonnes of inferred magnetite iron resources. These estimates are based on ESML's NI 43-101 report.
The Notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States absent registration under such laws or applicable exemptions from such registration requirements.
