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Gaz Capital again seeks consents for 4¼% loan participation notes
By Marisa Wong
Los Angeles, Feb. 23 – Gaz Capital SA announced a consent solicitation for its £850 million outstanding 4¼% loan participation notes due 2024 (ISIN: XS1592279522).
The company is asking noteholders to pass an extraordinary resolution in favor of some proposals. Specifically, the company wants to
• Amend provisions of the trust deed to appoint a co-trustee in the event of introduction of, or changes in, legislation or regulations or imposition of any applicable sanctions or other restrictions resulting in an inability of the trustee to act in respect of the notes;
• Amend provisions of the trust deed and the loan agreement to permit a reduction of liability under the trust deed and the loan agreement if the company or its subsidiary surrenders notes for cancellation and those notes are canceled or if the company gives notice of designation of notes held by the company or its subsidiary as canceled; and
• To change the grace period applicable to payments under the loan agreement to 14 calendar days in order to make provision for longer cash transfer periods caused by operational and technical disruptions outside the company’s control.
The solicitation is related to international sanctions in connection with events in Ukraine.
The issuer is offering a consent fee of €3.50 per £1,000 principal amount.
The voting deadline is 11 a.m. ET on March 15.
The meeting will be held at 11 a.m. ET on March 17.
Voting instructions are irrevocable.
The solicitation, information and tabulation agent is i2 Capital Markets Ltd. (+44 20 3633 1212, gazprom@i2capmark.com, https://i2capmark.com/event-details/71/Holder/gaz-capital-s.a).
The issuer also conducted a consent solicitation for the same notes from January to February, as previously reported.
Gaz Capital is a Luxembourg-based special purpose vehicle for Gazprom, a Moscow-based natural gas producer.
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