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Russia’s Tinkoff Bank reschedules meeting for lack of quorum
Chicago, July 20 – TCS Finance DAC adjourned noteholder meetings that were scheduled to be held on July 18 for lack of quorums, according to multiple announcements.
The meetings have been rescheduled to start at noon ET on Aug. 2, spaced half an hour apart.
The meetings relate to the consent solicitation for the $527,003,000 outstanding 6% perpetual callable loan participation notes (Cusip: 87251LAA4) and the $241,105,000 outstanding 9¼% perpetual callable loan participation notes (Cusip: 87251LAA4).
The company launched the consent solicitation relating to the resignation of the trustee for the two notes due to sanctions introduced by the European Union following the escalation of the Russia-Ukraine conflict, according to an announcement.
The issuer is soliciting consents to remove BNY Mellon Corporate Trustee Services Ltd. as the trustee and appoint a new trustee; to amend the procedure for retirement of trustees to authorize the issuer to appoint a new trustee without the consent of the noteholders; and to exclude the restriction on hiring employees by the issuer in order to maintain its access to corporate, secretarial and accounting services in case of third-party providers’ inability to cooperate.
The extraordinary resolutions must be passed at the meetings by a majority of not less than three-quarters of the votes cast with representation at the meeting for at least half of the notes of the relevant series.
The voting deadlines have been pushed to July 29 from July 14. The voting deadline time is noon ET for the 6% notes and 12:30 p.m. ET for the 9¼% notes.
The information and tabulation agent is i2 Capital Markets Ltd. (+44 20 3633 1212, info@i2capmark.com, https://i2capmark.com/event-details/60/Holder/tcs-finance-dac.)
Tinkoff Bank is a commercial bank based in Moscow. The notes were issued on a limited recourse basis for the sole purpose of financing a subordinated loan to Tinkoff.
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