Nostrum Oil gets backing of most holders of 2022, 2025 notes for lock-up agreement

By Rebecca Melvin

Concord, N.H., Jan. 18 – EM-focused Nostrum Oil & Gas plc announced an update to the lock-up agreement entered into with respect to a restructuring of its 8% senior notes due 2022 and 7% senior notes due 2025, both issued by Nostrum Oil & Gas Finance BV, according to a company news release.

A fee of 50 basis points payable upon consummation of the restructuring was offered to each noteholder that was originally party to the lock-up agreement or that acceded to the lock-up agreement within 22 days of its execution.

Following the original accession period, holders of 76.29% of the 2022 notes and 80.35% of the 2025 notes had signed or acceded to the lock-up agreement, which comprises 77.73% of the total aggregate principal amount of both series of notes.

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

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