SovCom cancels $5.81 million in interest payments on subordinated loan

By Mary-Katherine Stinson

Lexington, Ky., April 25 – SovCom Capital DAC issued a notice that it has canceled an interest payment due on the subordinated loan agreement it has with Sovcombank PJSC based on an issue of $300 million of 7 ¾% perpetual loan participation notes (ISINs: XS2113968148, US84605LAB27), according to notice.

The cancellation takes out $5,812,500 in interest for the period from and including Feb. 6 to the next interest payment date of May 6.

The notes were issued Feb. 6, 2020 by, but with limited recourse to, SovCom Capital DAC for the sole purpose of financing a subordinated loan to Sovcombank PJSC.

The noteholders are deemed to irrevocably waive their right to receive, and no longer have any rights against the issuer or any other party with respect to payment of the canceled interest.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

Sovcombank is a bank based in Moscow.

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