Nostrum Oil solicits consents for senior notes due 2022, 2025

Chicago, Jan. 24 – Emerging markets-focused Nostrum Oil & Gas plc started a consent solicitation for its $725 million outstanding 8% senior notes due 2022 (Cusips: N64884AB0, 66978CAB8) and its $400 million outstanding 7% senior notes due 2025 (Cusips: N64884AD6, 66978CAC6), according to a release.

The notes were issued by Nostrum Oil & Gas Finance BV.

Noteholders will have an opportunity to approve amendments that will: move the jurisdiction for the notes to England and Wales from New York; list Nostrum Oil & Gas plc as a co-issuer on the notes; include provisions relating to the Contracts Act 1999; amend the provisions of the indentures regarding delivery of “definitive notes”; and amend the indentures so that the scheme of arrangement or the restructuring plan and any related Dutch scheme or Chapter 15 recognition filing will not cause an event of default to occur under the indentures.

The consents are being solicited to facilitate the implementation of a scheme of arrangement or a restructuring plan by helping to establish a sufficient connection with England.

In connection with the proposed amendments, GLAS Trustees Ltd. will replace Citibank NA, London Branch as the trustee under the indentures. The appointment will be effective upon the execution of the relevant supplemental indenture.

Previously reported, Nostrum Oil had worked out a lock-up agreement with supporting holders.

The consent solicitation will expire at 5 p.m. ET on Feb. 4.

Holders are being offered a consent payment to vote in favor of the proposed amendments.

Copies of the consent solicitation may be obtained from GLAS Specialist Services Ltd. as information and tabulation agent (lm@glas.agency, +44 20 3597 2940).

Nostrum is an oil and gas company with operations in Kazakhstan and offices in London and Amsterdam.

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