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Gazprom unit moves voting deadline for consent solicitation for notes
Chicago, Sept. 6 – Russia’s Gaz Capital SA reset the voting deadline to consider an extraordinary resolution for its $750 million outstanding 4.95% series 41 loan participation notes due 2027 (ISINs: XS1585190389, US368266AV45), according to an announcement on Monday.
The new deadline will be noon ET on Sept. 14. The original deadline was 11 a.m. ET on Aug. 31.
A meeting was held on Sept. 2 but adjourned for lack of quorum. The new meeting will be at noon ET on Sept. 16.
The consent fee for the consent solicitation is €3.50 per €1,000 note. Initially, the fee was $3.50, to paid U.S. dollars, but the payment was modified on Aug. 17.
The consent solicitation was amended on Aug. 29 to not include the provision in the loan agreement that extended the grace period applicable to payments to 30 business days if the extraordinary resolution is passed. If passed, the issuer would still have a six-day grace period.
The consent solicitation started on Aug. 11.
The issuer is seeking to appoint a new trustee, in light of sanctions against Russian companies.
Additionally, the procedure for appointing a new trustee would be modified.
An amendment would also permit a reduction of liability under the trust deed and loan agreement if the company or its subsidiary surrenders notes for cancellation and the notes are canceled or if the company gives notice of designation of notes as canceled irrespective of whether they are actually canceled.
i2 Capital Markets Ltd. is the solicitation, information and tabulation agent (+44 20 3633 1212, gazprom@i2capmark.com, https://iscapmark.com/event-details/ 71/Holder/gaz-capital-s.a).
Moscow-based Gazprom is Russia’s largest state-owned energy company.
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