Novatek starts consent solicitation for 4.422% notes due 2022

Chicago, Oct. 24 – Russia’s JSC Novatek announced a consent solicitation for the $1 billion outstanding 4.422% loan participation notes due 2022 issued by Novatek Finance DAC (Cusips: G66749AC9, 66989PAC4), according to a notice.

Noteholders are being asked to pass extraordinary resolutions in favor of a co-trustee appointment and retirement, a share trustee replacement and certain amendments.

The company wants to make payment in rubles, using the official exchange rate of the Central Bank of Russia and directly pay principal and interest for notes held at the Russian securities custodians.

Should there be a technical event of default, the company is seeking to extend the grace periods to cure defaults.

Additionally, the borrower wants to enable cancellation of the notes.

Consent instructions are irrevocable.

The record date is Nov. 9.

The deadline is noon ET on Nov. 11.

A meeting will be held at noon ET on Nov. 15.

I2 Capital Markets Ltd. is the information and tabulation agent (+44 20 3633 1212, novatek@i2capmark.com, https://www.i2capmark.com/ event-details/81/Holder/jsc-novatek).

Novatek is an independent gas producer based in Tarko-Sale, Russia.

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