EVRAZ : announces pricing of U.S.$700 million note issue and tender offer results

Date of publication: 27.03.2019

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

EVRAZ announces pricing of U.S.$700 million note issue and tender offer results

27 March 2019 - EVRAZ plc (the 'Company') announce that it has priced a U.S.$700 million notes issuance with maturity in April 2024, the coupon rate of 5.25% per annum. The notes will be issued by EVRAZ plc. The closing and settlement are expected to be completed on 2 April 2019.

The Company intends to use the net proceeds of the issue to refinance existing indebtedness, including the financing of purchases of the notes listed below to complete the Tender Offer.

Tender Offer Results

On 18 March 2019, EVRAZ plc (the 'Company') launched an invitation to holders (the 'Noteholders') of the U.S.$1,000,000,000 6.50% Notes due 22 April 2020 of which U.S.$700,000,000 in principal amount is currently outstanding (the 'Notes'), originally issued by Evraz Group S.A. (which was, on 13 March 2019, substituted by the Company in its capacity as issuer of the Notes), subject to the offer and distribution restrictions and upon the terms and subject to the conditions set forth in a tender offer memorandum dated 18 March 2019 (the 'Tender Offer Memorandum'), to tender for purchase for cash any and all of their Notes in accordance with the procedures described therein. The invitation to tender the Notes for purchase is referred to herein as the 'Tender Offer'.

Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Offer Memorandum.

The Company hereby informs Noteholders that (i) the Financing Condition is expected to be satisfied by the Payment Date and (ii) the Company has accepted for purchase the validly tendered Notes at the Purchase Price as set forth in the table below.

Description of the Notes	Common code/ISIN for Regulation S Notes	Common code/ISIN/ CUSIP for Rule 144A Notes	Purchase Price	Principal Amount of Notes Accepted for Purchase	Outstanding Principal Amount Following Settlement of the Tender Offer
U.S.$1,000,000,000 6.50% Notes due 22 April 2020	080863861/ XS0808638612	78394986/ US30050AAF03/ 30050AAF0	U.S.$1,037.50 per U.S.$1,000 in principal amount of the Notes	U.S.$580,538,000	U.S.$119,462,000

On or about 4 April 2019, subject to the conditions described in the Tender Offer Memorandum, the Noteholders will be paid (a) the Purchase Price for the validly tendered and accepted Notes, and (b) the Accrued Interest Amount from (and including) the immediately preceding interest payment date up to but not including the Payment Date.

The Tender Offer has now expired and no further Notes can be tendered for purchase.

The Notes acquired in the Tender Offer will be cancelled.

Notes that have not been successfully tendered for purchase and accepted by the Company pursuant to the Tender Offer and the terms and conditions set out in the Tender Offer Memorandum will remain outstanding and will remain subject to the terms and conditions of such Notes.

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